The Briscoe Group Limited announced its independent non-executive director, Stuart Johnstone, will step down from the Board on May 31 after the annual meeting.

Company chair, Dame Rosanne Meo, said Johnstone has been a, “most valuable Board member since his appointment in May 2001 just prior to the company being listed on the Stock Exchange”.

“His contribution to the company’s growth and development, including in his role as chairman of the Audit Committee, has been very significant,” Meo said.

“Stuart’s previous investment banking experience has brought an important skillset which has been beneficial to directors, management and shareholders. We thank him immensely for his outstanding contribution over the past 15 years,” she added.

Meo said the Board is now looking for a “suitable replacement” for Johnstone.

“It is obviously critical to ensure the continuity of complementary skills around the Board table and to ensure a Board composition that is appropriate and relevant for the future needs of the business,” she said.

She said they hope to  make an announcement regarding an appointment within the next few months.