Rubicon Restructures Board

Thursday, 10 June 2004, 12:28 am
Press Release: Rubicon

- Rubicon today announced that it had restructured its Board of Directors. With effect from today, the Board has been reduced to five members – being Stephen Kasnet (Chairman), Hugh Fletcher, Tony Gibbs, Bill Hasler, and Luke Moriarty (CEO and executive Director) – all of whom are existing Rubicon Directors.

Michael Andrews, John Villiger, Jouko Virta and Gary Weiss have each stepped down from the Board.

Steve Kasnet, the new Chairman of Rubicon said, “We believe the Rubicon Board is now ‘right-sized,’ in both competencies and number, to take the Company forward and complete the immediate tasks in front of it. Having said that, we do need to acknowledge and thank those Directors who are leaving us today, for the significant contribution they have made to value creation in Rubicon – particularly Michael Andrews, who was Chairman of the Company for the past 3 years.

Since its formation in 2001, Rubicon has significantly restructured itself – exiting its energy portfolio for $117 million and returning $60 million in cash to shareholders, to allow it to now focus solely on its forestry and forestry biotechnology activities. That this has been achieved and the Rubicon share price has more than doubled over this period, is a reflection of the effort that has been put in by these Directors,” he said.

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