Verbrec Limited commenced succession planning in relation to the CEO role to ensure a smooth transition of leadership at the Company. In line with the terms of the employment contract for MD & CEO, Linton Burns, the current
fixed three-year term in relation to his appointment, is due to conclude on 27 September 2023. The Board acknowledges there is close to a year left under Mr. Burn's employment contract, but in the current market, believes it is prudent to commence the recruitment process to allow adequate time for an orderly handover process given timeframes for CEO search and appointment roles can approach 12 months. Mr. Burns has confirmed his commitment to work out his term to ensure there is no loss of momentum in the execution of the record work in hand and focus on margin improvement during this period of transition. Mr. Burns will also continue to focus on successfully closing out
the remaining legacy poor performing project. The Company have engaged an executive search firm to find a replacement CEO and will make an announcement as soon as a suitable candidate has been appointed.