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Austal Limited has announced the appointment of a former US secretary of Navy as the company’s new chairman following the retirement of its inaugural chair and founder, John Rothwell.
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Austal Limited has announced that former US secretary of Navy Richard Spencer has been selected as the chairman of ASX-listed Austal Limited, who will also join the board of Austal USA.
The announcement comes as the company’s inaugural chairman, John Rothwell, retired from his position, though will serve on the Austal board as a non-executive director.
Rothwell served as chairman of the company for 37 years, having founded Austal in 1987.
In a statement to the ASX, the company outlined that Spencer had been selected as chairman following a career in defence and business. It includes five years as a naval aviator with the US Marine Corps, followed by a career with several investment banks and serving on the Pentagon Defense Business Board advisory panel as well as the chief of Naval Operations Executive Panel.
He served as Secretary of Navy from August 2017 to November 2019.
He commences the role on 1 July.
“The position that Austal has forged in the US and Australian defence sectors in such a short period of time is incredible,” Spencer said.
“I have kept a close watch on the company’s progress in the USA. Its expansion from a two-ship yard to a multi-program provider, including command deck modules for the United States’ nuclear submarines, has been impressive.
“Austal’s position in the US and Australian defence industry landscape has been built on a foundation of innovation and commitment to delivering a quality product to the men and women in the US and Australian navies. These organisational traits have been driven from the top-down by John Rothwell’s leadership and strength of character and he should be incredibly proud of the company that he has built.
“I look forward to building on that platform alongside him to drive shareholder value, though I will save the valedictory for later as he will continue to be actively involved in Austal for at least the near future.”
Outgoing chairman John Rothwell said that the new chair was selected with four criteria in mind, including character, business acumen, in-depth knowledge of the US defence industrial base, and enduring relationships with the Australian and/or US defence sector.
“I’m incredibly proud of what Austal has achieved during my time as chairman. I have been considering stepping back from the chair role for a few years now and having just turned 80 and with an excellent replacement in Richard, the time is right,” Rothwell said.
“The company is on a very strong footing, but it is entering its next phase of growth as a strategic defence shipbuilder, so I remain actively involved with Austal as an ordinary board member until the transition is complete.”
