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Noble announces board changes; Paul Brough to replace Elman as chairman

Thursday, May 11, 2017 - 17:34

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NOBLE Group has appointed independent non-executive director Paul Brough as its new chairman, replacing founder Richard Elman who will now take on a non-executive role as founder and chairman emeritus.

NOBLE Group has appointed independent non-executive director Paul Brough as its new chairman, replacing founder Richard Elman who will now take on a non-executive role as founder and chairman emeritus.

Announcing this as well as other board changes on Thursday, Mr Elman said in a letter to shareholders that this is the appropriate time for him to pass the baton as the lower-cost and much more focused platforms within the firm have started to take shape.

Mr Elman had announced in June last year that he will step down from his executive chairman role. Mr Brough will take charge of reviewing strategic alternatives, said Mr Elman.

Mr Brough, who retired as senior partner of KPMG in Hong Kong in 2012, is also an independent non-executive director of Singapore-listed GL Ltd, Hong Kong-listed Vitasoy International Holdings, and Habib Bank Zurich (Hong Kong) Ltd, a Hong Kong restricted-licence bank.

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Non-executive director Iain Bruce, and independent directors Irene Lee and Richard Margolis, will step down from the board.

Meanwhile, Jamie O'Donnell will join the board as an independent non-executive director. Noble's board representatives from CIC will also change, with Benjamin Bao and Winston Ma replacing David Zhang and PatrickYu.

These board changes are effective from Thursday.

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