Amcor changes management over competition law probe

Dec 07, 2004. /Lesprom Network/. On November 22, 2004, the Board of Amcor Limited became aware of information that led it to believe that its Australian business may have been involved in conduct which breaches competition laws. On receipt of that information, the Board immediately:

·      Notified the Australian Competition and Consumer Commission (ACCC) of the information and advised the ACCC that it would cooperate fully with any investigation by the ACCC.

·      Notified the ASX of possible breaches of competition laws; and • Instructed its legal advisers to review the available information and to conduct interviews with relevant members of management who may be able to assist in the investigation.

Last night the Board met to receive and consider an interim report in the matter from its legal advisors. The Board also resolved to accept offers of resignation given by each of Mr. Russell Jones (Managing Director of the Company) and Mr Peter Sutton (Managing Director, Amcor Australasia) from their employment (and any directorships and other positions) with the Amcor Group.

Mr. Peter Brown retired as Managing Director of Amcor Australasia in October 2003 and became a consultant to the Group. That consultancy has also been terminated.

It is intended by the Board that Messrs. Jones and Sutton will receive their minimum legal entitlements only on termination. It is not intended that any additional contractual payments (whether by way of accrued performance payments or payments in lieu of notice or otherwise) will be made to them.

The Board has made the following interim appointments:

·      Mr. Chris Roberts (Chairman) will become Executive Chairman.

·      Mr. Louis Lachal, who is currently the Executive General Manager Operations will become the Acting Chief Operating Officer of the Company.

·      Mr. Lachal has been with the Amcor Group for 24 years and has worked in a number of divisions, both in Australia and the United Kingdom.

·      Mr. Darryl Roberts, who is currently the Group General Manager Fibre Packaging in Australasia, will become the Acting Managing Director of Amcor Australasia. Darryl has extensive experience working within a number of divisions in Australasia, including 10 years managing the metal can operations.

The Board has commenced the process of identifying suitable candidates for subsequent appointment to the executive positions.