Changes to Executive Positions
30-Jun-2008

Leading agribusiness investment manager, Timbercorp Limited, would like to announce changes to a number of key executive management positions.

Under the previously announced succession plan, Mr Robert Hance, 65, will retire as Chief Executive Officer on 30 June 2008. Mr Hance will continue as a Non-Executive Director of the Timbercorp Board. The company’s Deputy Chief Executive Officer, Mr Sol Rabinowicz, will commence in the Chief Executive Officer’s role on 1 July 2008 on similar terms and conditions as previously applied to Mr Hance.

In other changes, Mr John Vaughan, 66, Executive Director - Operations, has announced his retirement, effective 30 June 2008. Mr Vaughan was appointed a Director of the company upon its formation in February 1992 and assumed an executive role in July 2000. Mr Vaughan has been a valued contributor to the Board and executive of Timbercorp, leading the forestry and horticulture divisions through a period of substantial growth. Mr Vaughan’s managerial duties will be performed by other members of the company’s Executive Group, namely General Manager Forestry, Mr Tim Browning and General Manager Horticulture, Mr Darren Lipton, who will now report directly to the Chief Executive Officer.

Mr Vaughan will continue as Non Executive Chairman of Timbercorp Forestry Pty Ltd, the plantation forestry subsidiary of Timbercorp Limited.

Timbercorp Limited’s Nomination Committee is currently considering candidates for a Non Executive Director position on its Board of Directors.

From 1 July 2008, Timbercorp’s General Counsel, Mr Gideon Meltzer, will be appointed joint Company Secretary, together with the company’s current Company Secretary and General Manager Accounting and Treasury, Mr Mark Pryn. Mr Meltzer will bring his considerable legal experience to the role.

For further information call:
Sol Rabinowicz, Deputy CEO & Executive Director, 03 8615 1200
Matt Trewin, Communications Manager, 0407 684 765