Drax Group announces shakeup to Board of Directors

X The Business Desk

Register for free to receive latest news stories direct to your inbox

Register

Drax Group, which operates Drax power station in North Yorkshire, has announced a series of changes to its Board of Directors, which will be taking place across the rest of the year.

Following a Board meeting held on 20 February, Drax said that these changes “are the culmination of co-ordinated succession planning, which the Board has been implementing over the past year, mindful of good governance and the importance of ensuring that the company’s Board composition is kept under regular review and refreshed to reflect period of tenure, balance and diversity.”

David Lindsell, who joined the Board in 2008 and is senior independent director and chair of the Audit Committee will stand down from the Board on 17 April. He will not be seeking re-election at the forthcoming AGM being held on the same date.

Vanessa Simms, who joined the Board in June 2018, will assume the role as chair of the Audit Committee. Simms has worked in a number of senior finance roles for over 20 years, and was appointed to the Board with the expectation she would assume the role of chair of the Audit Committee.

David Nussbaum, who joined the Board in August 2017, is to be appointed to the role of senior independent director. Nussbaum has experience on the boards (including chair) of a number of international organisations in the public and private sectors.

Tony Thorne, who joined the Board in June 2010 and chairs the Remuneration Committee, will be standing down from the Board on 28 June, having served nine years. Thorne will be seeking approval of shareholders for re-election at the forthcoming AGM through to 28 June.

Nicola Hodson, who joined the Board in January 2018, will assume the role of chair of the Remuneration Committee. Hodson, who is currently vice-president, global sales and marketing, field transformation at Microsoft, has worked with Tony as well as advisors, to ensure a smooth transition to the role as chair of the Remuneration Committee.

Tim Cobbold, who joined the Board in September 2010, will also be leaving the Board in September, having served nine years. Cobbold will be seeking approval of shareholders for re-election at the forthcoming AGM through to 27 September.

A search is in process for an additional non-executive director which is being supported by an external search consultant.

Philip Cox, chair of Drax Group, said: “I should like to thank David Lindsell, Tony Thorne and Tim Cobbold for their outstanding contributions to the Drax Board. They have provided invaluable challenge and guidance through a period of very significant change for the Drax Group.

“I look forward to working closely with Vanessa Simms, Nicola Hodson, and David Nussbaum who bring strong and proven talents and experience to the Drax Board.”

Close