Australian listed Babcock & Brown has announced that founder Jim Babcock resigned as executive director on 1 November. The asset manager said Brown had stepped down from the board for personal reasons and would continue to be a significant shareholder in the group.
Australian listed Babcock & Brown has announced that founder Jim Babcock resigned as executive director on 1 November. The asset manager said Brown had stepped down from the board for personal reasons and would continue to be a significant shareholder in the group.
The move comes just two months after Brown agreed to shareholder demands to vacate the post of chairman after the company reported a loss of $55 mln (EUR 27 mln) and debts of $50 bn (EUR 26 bn) for the 2008 fiscal year. Phil Green, then the CEO, was also forced to step down. He was replaced as CEO by chief financial officer Michael Larkin.
Babcock & Brown was founded in 1977 and focuses on infrastructure, real estate as well as operating leasing and structured finance. The company said a search to recruit new independent directors for the board is ongoing. Babcock & Brown operates from 31 offices across Australia, North America, Europe, Asia, United Arab Emirates and Africa and has more than 1,500 employees worldwide.
