Yesterday, ASX 200 company Dalrymple Bay Infrastructure Ltd (ASX: DBI) announced key board changes, including the appointment of current CEO Michael Riches as Managing Director and the resignation of two non-executive directors.
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What did Dalrymple Bay Infrastructure report?
- Michael Riches appointed as Managing Director and Chief Executive Officer effective 30 September 2025
- Jonathon Sellar and Ray Neill resigned as non-executive directors, effective immediately
- Changes follow Brookfield Infrastructure Group's sell down of its remaining holding
- No change to Mr Riches's remuneration arrangements as a result of his new role
- Progress underway to appoint new independent directors to the board
What else do investors need to know?
The board changes come after BIP Bermuda Holdings IV Limited, an entity associated with Brookfield Infrastructure Group, sold its remaining interest in the company earlier in September. As a result, directors Jonathon Sellar and Ray Neill, both Brookfield employees, have stepped down from the board.
Dalrymple Bay Infrastructure said the search for new independent non-executive directors is well advanced. The company expects to announce appointments to bolster the board in the coming months.
What did Dalrymple Bay Infrastructure management say?
Commenting on the news, Hon. Dr David Hamill AM, Chair of DBI, said:
I am delighted to welcome Michael to the Board of DBI, an appointment that reflects the Board's endorsement of his positive impact since commencing as DBI's Chief Executive Officer in March 2024 and the additional contribution he can make to the Company as a director.
What's next for Dalrymple Bay Infrastructure?
Dalrymple Bay Infrastructure is focused on maintaining stability and ensuring strong corporate governance following these board changes. The company is progressing the search for new independent directors and aims to keep the market informed.
DBI continues to operate Dalrymple Bay Terminal, a vital link for Australian metallurgical coal exports, and remains committed to providing value for its securityholders through operational excellence.
Dalrymple Bay Infrastructure share price snapshot
Over the past year, Dalrymple Bay Infrastructure shares have risen 35%, far outpacing the S&P/ASX 200 Index (ASX: XJO) which has increased 7%.
