UGL quashes board change talk

Company says no decisions made on board after reports Spargo to become chairwoman

UGL (UGL) says no resolutions have been made about its board's composition, following reports director Kate Spargo will replace Trevor Rowe as chair at its annual general meeting later this year.

The diversified services company responded to reports saying it continually discusses its succession plan and will inform the market about any material developments when in a position to do so. 

According to The Australian Financial Review, the move to replace Mr Rowe was part of a push by directors to strengthen the board, and follows a difficult 12 months for him as UGL has come under fire for its poor financial performance and remuneration policies.

The merit of the group's proposed separation of its property and engineering businesses -- for which discussions are still ongoing with private equity firms -- has also drawn criticism.

The AFR reported UGL's board of seven, including chief executive Richard ­Leupen, had resolved to install Ms Spargo as chairwoman at its AGM in October

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