“It was our view that small, focused boards are generally preferable to larger ones, especially for small to midsize companies," Chairman James Brayshaw stated.
"Within this industry, it is generally accepted that seven Directors is the norm. Some of the biggest AFL Clubs operate quite well with a seven person Board."
The decision was ratified at a recent Board meeting with two Directors; Stephen Head and Fulvio Inserra stepping down.
Under the club’s Constitution, the Board may operate with a minimum of 3 Directors and a maximum of 12 Directors; within these limits the Board has the absolute discretion to settle on the preferred number of Directors.
“Stephen and Fulvio have been exceptional and have worked tirelessly since their appointment in February, 2007," Brayshaw commented.
"They have played key roles in successfully steering our club through one of the most difficult periods in its history and have set in place the foundations for a very successful future.
"Stephen played a major role in assisting the Executive with the redevelopment of Aeigs Park and was instrumental in working to secure the agreement of the major shareholders to hand back their shares in 2008.
"Fulvio has played a pivotal role in supporting the Executive with marketing and membership initiatives and has worked hard to assist various supporter and coterie groups over the years.
"On behalf of everyone at the club, I want to thank them for their outstanding contributions.”
One of the vacancies has been filled by 7 Eleven Head of Marketing Julie Laycock, who will become the club's first female Director.
The reduction of the Board means there will be two vacancies at the next election and current Board member Will Houghton QC will stand for re-election along with Ms Laycock.
“I want to welcome Julie Laycock as our first female Director. This is a historic appointment and Julie comes to the Board with a wealth of marketing and corporate experience," Brayshaw added.
“As our club continues to focus on growth, the commercial part of our business becomes increasingly important. Julie's strengths in this area are exactly what we need at our club right now.
“Julie will be a very important addition to our Board. It is fantastic to have a woman as part of the club’s governance and I am sure everyone in the North Melbourne family will join me in welcoming her.
"Julie has been with 7 Eleven, Australia’s third largest private company with over 10,000 employees, since 2005. Before then, she held senior executive roles at Interbrew, Red Bull UK and Coca-Cola Enterprises.”
The club will advertise and call for nominations for the two Board vacancies on October 20, 2011.
