Media. News and press releases from across Man Group.

Board changes

27 July 2007

In order to facilitate an orderly transition, he will stand down as Chairman with effect from 1 September 2007, and Jon Aisbitt, currently an independent non-executive Director of the Company, will become Chairman of the Man Group plc Board at that time.

Also on 1 September, Phillip Colebatch and Patrick O'Sullivan will be joining the Board of the Company as non-executive Directors.

Man today announces that following completion of the IPO of MF Global, Harvey McGrath has indicated his wish to retire from the Man Group plc Board at the time of the Group's Interim Results in November 2007.  In order to facilitate an orderly transition, he will stand down as Chairman with effect from 1 September 2007, and Jon Aisbitt, currently an independent non-executive Director of the Company, will become Chairman of the Man Group plc Board at that time.

Also on 1 September, Phillip Colebatch and Patrick O'Sullivan will be joining the Board of the Company as non-executive Directors.

Peter Clarke, Group Chief Executive of Man Group, said:

"I would like to thank Harvey for his long service at Man and his contribution to the strong growth we have enjoyed over many years.  The IPO of MF Global represents the successful execution of our strategy to focus on our position as market leading alternative investment manager.  As the Group continues to expand its presence in this market, I am pleased to welcome Jon to the Chairmanship of the Group at such an important phase in our development.  I would also like to welcome two new Directors onto the Board, who bring with them considerable knowledge and experience of international markets."

Harvey McGrath, Chairman of Man Group, said:

"It has been a privilege to have spent the last twenty seven years with Man, and as Group Chief Executive and then Chairman to have played a key role in the successful development of the business.  The Group today has a unique market position with strong growth prospects, and I am confident that under Jon's leadership, Peter and the enlarged Board will continue to deliver significant value for our shareholders."

Phillip Colebatch is a non-executive director of Insurance Australia Group and Lend Lease Corporation.  He has previously been a member of the Executive Boards of Swiss Reinsurance Company and Credit Suisse Group.

Patrick O'Sullivan, a chartered accountant, is a non-executive director of Collins Stewart plc and Chairman of the Group Management Board and Chief Growth Officer at Zurich Financial Services Group.

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