Transport technology company EROAD has appointed Susan Paterson as its new board chair as the firm considers a recent takeover offer.
Paterson’s appointment was effective from July 10 and she replaces Graham Stuart who has stepped down as chair after five years in the role.
The changes are part of EROAD’s ongoing board renewal outlined at the company’s 2022 annual shareholders’ meeting. It has also announced the appointment of David Green, who will join the board as an independent non-executive director with effect from August 1.
The changes also come as Toronto stock exchange-listed company Constellation Software is making a $147 million takeover bid through one of its subsidiaries for EROAD.
Stuart will retire from the board following the 2023 ASM, to ensure a “smooth and orderly transition” to EROAD’s new chair.
Paterson is a professional director with over 25 years of governance experience, as well as senior executive and consulting experience with a number of companies in New Zealand, the USA and Europe.
Her current roles include chair of Steel & Tube Holdings, Theta Systems, and Evolution Healthcare, and the board of the Reserve Bank of New Zealand. Paterson joined the EROAD board as chair of the audit and risk committee in March 2019.
David Green is a seasoned board director and executive with more than 30 years of experience in the banking and finance sector in New Zealand, Australia and Asia. He is currently chair of BT Funds Management (NZ) and MyFarm UF1 GP, on the board of Westpac NZ and other entities, and formerly held senior executive roles at ANZ and Deutsche Bank.
Stuart says it “has been a privilege to serve as the EROAD chair for the last five years”.
More recently this has involved navigating the global pandemic, the acquisition of Coretex, and the company’s strategic refresh delivered earlier this year.
“Looking forward, and in the context of the company’s new strategic direction, the timing feels right given EROAD is firmly focused on a path to sustainable earnings growth and becoming free cash flow positive,” Stuart says.
“I am particularly proud of the way that Mark Heine has stepped into the CEO role and built an exceptional executive team, and of course to the wider EROAD team who have been wonderful to work alongside.
“Susan is very well placed to lead the board and ensure as a company we are doing everything we can to deliver on our goals and optimise value for our shareholders.
“As part of our ongoing process of ensuring we have the right skills across the board, I am pleased to welcome David Green, who brings excellent experience in governance, strategy and change management,” Stuart says.
Paterson says EROAD’s “purpose and value proposition for customers and indeed society, has never been more relevant”.
“The leadership of the new team and the progress they are making has to be commended. They have moved at pace and achieved a great deal in a relatively short time to integrate Coretex and enhance our customer value offerings for all our longstanding and recently announced new customers.
“As the incoming chair of EROAD, I look forward to engaging with our shareholders at the company’s upcoming annual shareholder meeting,” Paterson says.
