The Board of ARB Corporation Limited announced the appointment of Mr. Lachlan McCann as Chief Executive Officer of ARB, effective immediately. Mr. McCann is a long-time employee of ARB, commencing with the Company in 2001. He has provided consistently strong leadership in various roles across ARB's global operations including as Managing Director of the Thai operations (2010-2014), as General Manager of International and OEM Sales (2014-2018) and, most recently, as Chief Operating Officer.

The Company has achieved significant growth during Mr. McCann's tenure, particularly in international and OEM sales since he assumed responsibility for these areas in 2014. The appointment of Mr. McCann is a planned part of the smooth transitioning of the Company's executive management team to ensure ARB's ongoing leadership, company culture and success. Mr. Andrew Brown will continue in the role of Managing Director.

Mr. Lachlan McCann commences in his role as Chief Executive Officer immediately. The contract for service is on a continuing basis. Either party may terminate the agreement by giving six months' notice.

ARB may elect to pay Mr. McCann in lieu of him working through the notice period. Mr. McCann's employment may be terminated immediately in certain circumstances such as serious or persistent misconduct or being convicted of a criminal offence. Mr. McCann will receive a fixed remuneration package of $850,000 per annum, inclusive of salary, superannuation and a motor vehicle.

Consistent with ARB's existing remuneration policies, the remuneration package does not include any short-term or long-term incentive arrangements. The remuneration package will be reviewed each year. Mr. McCann is subject to post-employment restraints for a period of up to 12 months following the cessation of his employment, including restrictions from competing with ARB and soliciting ARB's employees, suppliers or customers.

Andrew Brown will continue in the role of Managing Director.