The Chairman of Keybridge Capital, Irene Lee, today announced that Mark Phillips is to leave the Company in November 2011, and Executive Director, Mark Worrall is to assume the role of Managing Director.
Irene Lee said: "Since 2009, the Company has been pursuing a recovery plan centred on realising on its assets and lowering outstanding borrowings. Mark Phillips has led the management team in implementing that plan with considerable perseverance and skill. The Company's borrowings have been reduced from A$215 million in June 2009 to approximately A$60 million as of today".
Irene Lee went on to say: "Cost containment has been an ongoing issue. With the Company's asset base having fallen materially, Mark Phillips has recognised that achieving a further substantial reduction in operating costs is now a key factor in opening up future opportunities for the Company. In this context, it is with gratitude that the Board has accepted Mark's offer of resignation".
"On behalf of the Board, I want to thank Mark Phillips for his dedication, commitment and resolve on behalf of the Company over the past three years."
Commenting on his appointment, Mark Worrall said: "Significant progress has been made in reducing Keybridge's borrowings and returning the Company to greater stability. I look forward to leading the company as it seeks to return value to its shareholders".
Mark Worrall joined Keybridge in May 2010 and was appointed to the Board in September of that year. He has over 35 years of experience in asset and structured finance markets in Australia and overseas.
Mark Phillips said: "Since the impact of the global financial crisis, we have dedicated ourselves to retrieving as much value as possible for shareholders. The progress made thus far places the Company in a more sustainable position and with options to consider going forward. It is important, in considering these options that the Company is not saddled with a cost base that is excessive for its size. It is for this reason that I have decided to resign. The Company has a Board and a small, dedicated group of executives well placed to take Keybridge forward".
Mark Worrall will take over from Mark Phillips on 18 November this year.
Keybridge Capital is a financial services company that has invested in, or lent to, transactions which predominantly are in the core asset classes of property, aviation, shipping and infrastructure.
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