BXB.AX, 9.860, +0.160, +1.650% announced today that Don Argus has retired as both chairman and a director of Brambles, effective immediately. Deputy chairman Graham Kraehe has replaced Mr Argus who served as chairman for eight years.
Brambles said Mr Kraehe is the current chairman of Bluescope Steel Limited (BSL.AX) BSL.AX, 10.350, +0.500, +5.080% and a former long serving chief executive of winemaker Southcorp. He is also on the board of the Reserve Bank of Australia and replaces Mr Argus.

Mr Kraehe said that Mr Argus had made an outstanding contribution to Brambles.

"The board has therefore reluctantly accepted Don's decision to retire due to his other business commitments," Mr Kraehe said.

"Don became chairman of Brambles in September 1999 and has provided strong leadership over the past eight years, through some of the most momentous changes in the company's history."

Mr Kraehe said during the tenure of Mr Argus, Brambles united the ownership of the CHEP business around the globe to create the world's largest pallet pooling operator.

"We successfully faced and overcame a number of challenges which followed and have ensured that the group as a whole is now well placed to capitalise on significant growth opportunities in our businesses, CHEP and Recall," Mr Kraehe said.

Brambles manages 285 million pallets globally through its CHEP business and stores physical and digital information through its Recall business.

Mr Kraehe added that more recently Brambles has simplified its structure and successfully completed both the CEO succession and the implementation of a new management structure to support growth.

Mr Argus said Brambles has a highly talented management team, a growing global footprint and a strong balance sheet.

"Brambles is in a position of operational and financial strength and is extremely well placed for the future," Mr Argus said.

At 1514 AEDT, shares of Brambles had fallen 15c to $10.33.