Adelaide Brighton CEO to retire, Australia

Mark Chellew, managing director and CEO of Adelaide Brighton, is to retire following the company's AGM in May 2014 and be replaced by Martin Brydon, Adelaide Brighton’s current executive general manager Cement and Lime division.

Chairman, Mr Les Hosking, paid tribute to Mr. Chellew, saying: "Over nearly 13 years in charge of Adelaide Brighton, Mark has been one of the most successful ASX listed company Chief Executives and generated significant value for our shareholders.

“This is reflected in Adelaide Brighton’s number two ranking in the S&P/ASX200 Accumulation Index (excluding GICS Financials, BHP Billiton, Rio Tinto, Newcrest Mining) for total shareholder return between July 2001 and June 2013. This represents average total shareholder return growth over the period of 100 per cent per annum.

“Mark’s successful strategy has included diversifying the product range and enhancing Adelaide Brighton’s unique position in lime supply to the resources sector. Investment in the reliability and sustainability of our key cement and lime production assets has delivered significant results.”

Appointment of new CEO
Mr Hosking confirmed: “Succession planning has been a key priority for the Board and management and this has included developing internal candidates as well as reviewing and assessing appropriate external candidates. This process has lead to Mr Martin Brydon’s promotion to the Deputy Chief Executive Officer position from 1 February 2014, with Martin assuming the Chief Executive Officer role upon Mark’s retirement, ensuring a smooth transition of leadership responsibilities within the Company.

Mr Hosking added: ‘The Board is delighted at having a candidate of the calibre of Martin within our own ranks to succeed Mark. Martin’s contribution as a senior executive has long been valued by the Board and his ascension to the Chief Executive Officer role was part of our long term management succession plan.”