New CEO for Sentinel

Media Release
15 February 2007

New CEO for Sentinel

A new CEO has been appointed for Sentinel Limited, New Zealand’s leading home equity release specialist, as the company focuses on its New Zealand leadership while growing internationally.

Chairman of Sentinel, Boyd Klap, has announced that Vaughan Underwood - formerly CEO of AXA New Zealand, Sterling Grace Portfolio Management Limited (part of Spicers) and Emerald Group (Food Division) - has taken up the role.

Mr Underwood’s appointment allows current managing director of Sentinel Richard Coon to step aside to guide international expansion.

Mr Underwood says that he is privileged to be able to shape a company and its products in a positive sector that is young and growing.

“New Zealand, as is the case worldwide, faces unprecedented demographic change with people living longer plus the baby boomers entering retirement,” he said. “Funding those extra years in retirement is a huge issue and equity release will form a key part of the solution for many New Zealanders.

Mr Underwood’s background also includes:

- business consulting for the banking and dairy sectors

- regional director for Lion Breweries (Auckland)

- merchandising and marketing for ETA and Griffins.

Mr Klap said that Sentinel was fortunate to have attracted a person of Mr Underwood’s capability.

“Sentinel is in great shape. Vaughan’s understanding of financial tools through his industry experience, his experience of consumer marketing and his background in development of focused, local companies make him an ideal choice for the company,” he commented.

ENDS

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