Joe Rotunda to retire with Geoff Brady taking over non-exec role.
Albemarle & Bond has announced changes to its board of directors, with Joseph Rotunda retiring from the board and Geoffrey Brady replacing his position as independent non-executive director.
Brady will bring extensive experience of multi-site businesses, having held senior executive roles with Sainsbury, Superdrug, Woolworths, Allied Carpets and Mercedes Benz Retail in the last 15 years.
He is currently a non-executive director of Harvard International Plc and non-executive chairman of Robert Dyas.
John Farrell, who was appointed to the board in June 2010 and quickly made an invaluable contribution to strategic and marketing aspects of Albemarle & Bond’s commercial direction, has been offered a position on the board of EZCORP, Inc. – 29.9% shareholder of the company – which he accepted yesterday.
Farrell will remain a director of Albemarle & Bond but in view of this directorship with EZCORP, ceases to be an independent director. As a result, the company has commenced a search for an additional independent director.
Greville Nicholls, chairman said: “We would like to thank Joe Rotunda for his significant contribution over many years. He was CEO of EZCORP until he retired in 2010 and under his leadership the company increased its market capitalisation from $14m to more than $1bn. During his time at Albemarle & Bond he has contributed greatly, reflecting his knowledge and experience of a similar marketplace in the USA.”
Barry Stevenson, CEO of Albemarle & Bond said: “We welcome Geoff Brady to the company and are delighted that someone of his experience and stature has agreed to join our board. Geoff’s appointment and the broadening of John Farrell’s portfolio, further strengthens the board and provides excellent support and expertise for the executive team as it steers the business through the key phases of our expansion plan.”