Leighton Holdings Limited (ASX:LEI) Chairman Steven Johns and Non-executive directors Wayne Osborn and Ian Macfarlane have resigned from the company’s board.
The trio tendered their resignations following what they say was a breakdown in relations with major shareholder, global infrastructure contractor Hochtief.
The departing board members are of the belief that Hochtief no longer supports an independent board at Leighton.
Leighton however says the governance arrangements between itself and Hochtief; pertaining to an independent board and managent, are both long standing and significant contributors to shareholder value.
The Leighton board will convene soon to elect a new Chairman, saying it will issue a fuller statement in due course.
Leighton Holdings reported a net profit of $442 million for the 2012 calendar year.
LEI Price at posting:
$20.26 Sentiment: None Disclosure: Held
