Santos today announced that Peter Coates will retire as Chairman at the Annual General Meeting on 9 May 2013. He will be succeeded by Ken Borda, who has been a non-executive director of Santos since 2007. Mr Coates will remain a non-executive director to ensure an orderly transition of responsibilities.
Mr Coates, who is presently a non-executive director of Glencore International plc, has accepted a full-time executive position with the merged Glencore/Xstrata group. As a result of his new executive responsibilities, Mr Coates has determined he will be unable to devote the amount of time required as Chairman of Santos.
Mr Coates said: “Santos, led by CEO David Knox, is in a superb position to unlock the company’s significant resources in a growing market for natural gas in Australia and Asia.”
“I am confident that the Santos Board under Ken Borda’s Chairmanship will continue to drive the company’s strategy to create long-term value for shareholders,” Mr Coates said.
Mr Borda has been a non-executive director of Santos since 2007, is Chair of the Finance Committee and member of the Nomination Committee. He has extensive international business experience, including a 17-year career with Deutsche Bank where he was Chief Executive Officer Middle East and North Africa before retirement in 2007. Mr Borda also held the positions of Regional CEO Asia Pacific and CEO Australia and New Zealand for Deutsche Bank.
Mr Borda is a non-executive director of Fullerton Fund Management Company Ltd in Singapore, and the Chairman of Aviva Ltd in Singapore and Aviva Life Insurance Company Ltd in Hong Kong.
Mr Borda said the Santos Board wishes Peter well in his new role and thanks him for his leadership over the past three and a half years.
“Under Peter’s Chairmanship, the Board has been focused on successful execution of transformational projects. The Board and management remain committed to delivering positive outcomes for shareholders, employees, customers and the communities in which we operate. The company is committed to maintaining its position as a major and reliable supplier of energy to our customers across Australia.”
“I look forward to continuing to work with our CEO David Knox, the management team and staff, and my fellow directors as we deliver the potential of this fine Australian company,” Mr Borda said.
LNG World News Staff, April 12, 2013