Last night, after the markets close, growing litigation funder IMF Bentham Ltd (ASX: IMF) announced sweeping changes to its Board.
The 11-point announcement highlighted key managerial changes and a board renewal plan which will make it, "a more independent board consistent with the company's growth."
IMF Bentham has recently made a number of corporate changes, including a name change as well as a stronger international expansion.
IMF said, "All members of the Board have recognised the advantages likely to accrue from this renewal and have agreed to retire from their various positions upon the request of the Board to enable the renewal to occur."
Hugh McLernon, Managing Director of IMF Bentham, has stepped down from the his position in favour of Mr Andrew Saker, who has been appointed MD and Chief Executive Officer.
Mr McLernon will remain an employee, and retire from his directorship at the next Annual General Meeting and likely offer himself for re-election as a Director at that time.
John Walker, also an inaugural Director and MD for three years, has given twelve months' notice of his retirement and resignation of employment.
Clive Bowman, an Executive Director since 2011 also retired from the Board. He will remain with the Company as its Chief Executive (Australia and Asia).
Chairman Rob Ferguson, has retired with immediate effect after 10 years in the role. Michael Bowen has been appointed interim Chairman pending the appointment of a permanent replacement.
Foolish Takeaway
IMF Bentham is a well run growing company. It continues to expand its international footprint and reputation for success and as such, it seems pertinent to appoint a more independent board. In litigation funding, earnings can be lumpy but at today's prices of slightly above $2.00 per share, IMF remains a good long-term 'buy' in my opinion.
