Board Changes at Glanbia
Glanbia Co-operative Society number of nominated directors on the board of Glanbia, the global nutrition group, has been from fourteen to ten members for 2016 and 2017. Consequently, Tom Grant, Brendan Hayes, Patrick Hogan and Eamon Power have accordingly retired as directors of Glanbia plc with immediate effect.
The reduction is in line with Glanbia Co-operative Society’s earlier agreement to reduce its shareholding in Glanbia plc to 36.5%. For 2018 and 2019 the number of Society nominee directors on the board will reduce to eight, and from 2020 to seven. The group chairman of Glanbia plc will remain a society nominee until 2020, and up to eight of the directors on the board will be composed of executive directors and non-executive directors who are independent of the Society.
If Glanbia Co-operative Society’s shareholding in Glanbia plc falls below 33% of the issued share capital, discussions will take place regarding a further reduction in the size of the Society’s representation on the board.
