The Board of Australian Dairy Nutritionals Ltd. (Company) and the Australian Dairy Farms Trust (Trust) advised important changes to the composition of the Board of the Company and the Trust. Some time ago, the Group's Chief Executive Officer (CEO), Mr. Peter Skene, expressed his desire to step down from the Board to allow him to focus more fully on the CEO role. At the Board level, Peter Skene contributes significant dairy and food industry knowledge and experience, which the Board recognised would need to be replaced to enable Mr. Skene to step off the Board.

The Board advised that it has appointed Mr. Bernard Kavanagh as an independent director to the Board to replace Peter Skene, who has resigned from the Board effective June 21, 2022. Mr. Bernard Kavanagh brings a wealth of dairy and agricultural industry experience as well as both executive and non-executive director experience over many years. Until 2016 he was a senior executive with Saputo Inc., a top 10 global dairy company holding the positions of Vice-President ­ Dairy Divisions International and General Manager ­ Corporate Development.

Prior to this he held several senior executive positions over 30 years at Warrnambool Cheese and Butter Co Ltd. including Chief Financial Officer, Company Secretary, General Manager ­ Strategy & Growth and Executive Director. In these roles he led a number of international transactions including mergers and acquisitions, joint ventures, strategic global supply arrangements and major business development projects. He also worked across various international markets including USA, Canada, Japan, China, Europe and Southeast Asia.

He has significant listed company Executive and Board experience including capital raising as well as strategy development and oversight. More recently, he held the position of Chairman of Keytone Dairy Corporation Ltd. leading this business through an oversubscribed initial public offering on the Australian Securities Exchange in 2018. Mr. Kavanagh holds a Bachelor of Commerce from Deakin University and is a Fellow of the Institute of Company Secretaries and Administrators as well as a Fellow of the Australian Institute of Company Directors.