Sudden exits from DRA boardroom

Dual-listed contractor DRA Global has announced the surprise departure of four directors, including chairman Peter Mansell, following 'engagement' with the company's biggest shareholder. 

The company issued a statement to the ASX on Thursday advising chairman Peter Mansell and non-executive directors Lee Guthrie, Paul Lombard and Sandra Bell had resigned from the company, effective immediately.

Ms Bell had been on the board just over two months, having joined in late July.

The swift changes to the composition of the board follow what DRA said had been ‘engagement’ with the company’s largest shareholder, Apex Partners Holdings, which acquired a 19.3 per cent stake in the business in February 2023.

It leaves managing director James Smith, and non-executive directors Charles Pettit and Joathan Velloza left on the board, with Sebastiano (Sam) Randazzo appointed as a non-executive director and as the replacement for Mr Mansell as chair.

Mr Mansell’s exit comes sooner than planned, after he told shareholders at May's annual general meeting that he would step down as chair at the next AGM.  

Mr Smith suggested it had been a difficult period for the company in a statement to market. 

“The company wishes to express its gratitude to Peter, Les, Paul and Sandra for their dedication to DRA, particularly during the difficult circumstances that the company has navigated over the past eighteen months. We are looking forward to working with Sam during the next phase of DRA’s journey,” he said.

A management ousting hatched by senior executives at the company was elevated to the takeovers panel last year. 

DRA shares last changed hands at $1.80.