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OverFifty names new chairman

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A day after OFG chairman Murray Chessell was voted off the board, a new chairman has been named.
Financial services company OverFifty Group (OFG) has named Roger Dobson as its new chairman.

Dobson joins the company a day after shareholders left OFG's board in disarray by voting to remove four directors, including company chairman Murray Chessell.

Dobson, a partner of law firm Henry Davis York, has also been named an independent director of OFG.

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He is joined in this role by KPMG former audit partner Peter Done, Trustees Executors head of corporate development Deepak Kumar Gupta and Century Funds Management general manager, property Jason Huljich.

The new directors replace former directors Jonathon Forster, Malcolm Gray, Robert Officer and Chessell, who were all voted off the board.

OFG's shareholders voted as part of the company's annual general meeting. The decision to restructure the board was instigated by existing board member John McBain.

Earlier this month McBain sent a letter to shareholders claiming the underperformance of the company had been overlooked with current board members allegedly more interested in selling the group.

OFG released a counter letter asking shareholders to reject McBain's move to replace directors, stating that the current board had "overseen growth in share value in excess of 140 per cent on the $1 issue price in 2002, and has consistently delivered strong dividend income to shareholders".

In October McBain, who owns 12 per cent of the listed group and manages the group's property arm, Century Funds Management, lodged legal proceedings against OFG claiming the board denied him access to documents released by the company's appointed strategic review adviser Macquarie Bank.

 

OverFifty names new chairman
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