Market Release

For Immediate Release

Wellington Drive Technologies Ltd (WDT) announces governance changes

27 March 2019

Wellington Chairman Tony Nowell today confirmed his previously advised decision to retire from the Chairmanship and resign as a director of the company with immediate effect.

Expressing his strong admiration for the commitment and focus of the executives, employees, board members, shareholders and business partners, Mr Nowell said “the last 8 years in particular have seen a real team effort across all fronts.  Success is never guaranteed, but the immense energy and innovative efforts of CEO Greg Allen and his team, aided by passionate shareholders and global supply chain partners who believed in and supported Wellington’s strategic direction, has turned this business around and put it on a sustained growth trajectory in very dynamic markets.

“I thank the board members past and present for their diligence and support and welcome the new board members who I know will make a refreshing and important contribution to Wellington’s ability to capture exciting new market opportunities”.

Following Mr Nowell’s retirement, independent director John McMahon has been appointed as Acting Chairman of the company.  Given the recent changes to Board composition, the permanent Chair role will be reviewed later in 2019.

The Board and Wellington team would like to recognise outgoing Chairman Tony Nowell, Director of Wellington for the last 9 years and Chairman for 8 of those years.  Mr. Nowell’s leadership has helped guide the company through its financial turn-around and has seen the start of the new Wellington Connect IoT business that is underpinning its future direction and growth.  The Board and Wellington team wish Mr. Nowell every success in his next endeavours.

Mr Nowell also announced the appointment of Keith Oliver as a non-executive director and welcomed Mr Oliver to the board.

Mr Oliver is currently: an independent director at Rakon Limited and chair of their Nomination and People Board subcommittee; Executive Chairman at Blackhawk Tracking Systems; Non-Executive Chairman at Healthvision New Zealand Ltd; and Director of Alto Capital Limited.  He was previously Chairman of Compac Sorting from 2009 to 2012, Actronic Technologies from 2004 to 2013, Loadrite from 2004 to 2013 and Truescope from 2003 to 2013, and a Director of the NZ Health Innovation Hub from 2012 to 2014, and Crown Research Institute - ESR Limited from 2004 to 2007.
Mr Oliver was Managing Director & Founder of Teleconsultants New Zealand, a strategy and project management consultancy, from 1986 to 1996.  He graduated from The University of Auckland in 1997 with a Bachelor of Engineering – Mechanical Engineering.  

“Keith Oliver brings to the board more than 20 years of experience in a wide range of governance and executive roles in public, private and Crown owned entities, with a particular focus on the development and commercialisation of new technologies and most recently IoT related technologies and markets.  He has extensive experience with capital investment, mergers, acquisitions, shareholder succession, and strategy.  He will add considerably to Wellington’s governance of strategy, innovation and new market development.”

Mr Oliver is considered by the board to be an independent director for the purposes of Listing Rule 3.3.2 and will commence his duties with immediate effect.

Contact:

John McMahon

Acting Chairman

Phone +61-(0)410-411 806

 

 

About Us:

Wellington is a leading provider of IoT solutions, cloud-based fleet management platforms, energy-efficient electronic motors and connected refrigeration control solutions. It serves some of the world’s leading food and beverage brands and refrigerator manufacturers, and offers proximity-based marketing for Smart Cities to the Australian market. Wellington’s services and products improve sales, decrease costs and reduce energy consumption. Headquartered in Auckland with a global reach, Wellington is listed on the New Zealand stock exchange under the ticker symbol NZ:WDT

For further information visit www.wdtl.com


Contact:

Greg Allen
Chief Executive Officer
Phone +1-778-238-6494

Howard Milliner
Chief Financial Officer
+64 27 5870455