Consumer electronics company Fisher & Paykel Appliances (ASX:FPA) has appointed Haier Group nominee Philip Charmichael to the board, as part of an agreement between the companies.
Haier recently purchased a 20% stake in Fisher and Paykel, in the process earnings the right to appoint two nominees to the board.
Because Charmichael is associated with the Haier Group through subsidiary Haier Singapore, he does not qualify as in independent director.
A seat on the board has been vacated by the resignation of Zhou Yunjie, who is leaving to become executive director of Haier Electronics.
Join the CIO Australia group on LinkedIn. The group is open to CIOs, IT Directors, COOs, CTOs and senior IT managers.