Chairman and founder of waste management company Transpacific Industries Group Ltd
(ASX:TPI), Terry Peabody, has decided to leave the company.
On April 23 Mr Peabody announced his intention to step down from the role of executive chairman of the company but would continue on as a non-executive chairman from July 1, 2010.
However, Mr Peabody has now informed the board that he does not intend to become non-executive chairman in July and will also retire as director of the company and its subsidiaries at the end of June.
Mr Peabody says that after 27 years with the company he has decided to move on and focus on other business opportunities which he is involved in.
The move follows other senior management resignations and comes one year after private equity group Warbug Pincus saved the troubled company with $800 million in bailout funds which significantly diluted Mr Peabody’s stake in the company.
Mr Peabody says it is the right time for him to step aside as the executive team are more than capable and ready to lead the company on its future endeavours.
In light of Mr Peabody’s retirement, the board has appointed Mr Gene Tilbrook as non executive chairman.
Transpacific Industries Group reported a $218.36 million loss for fiscal 2009.
