Highlights

  • Tom Brankin to step down from his executive role at the 2026 Annual Shareholders Meeting and continue as a non-executive director.
  • Craig Percy to be reclassified as an independent director effective 31 May 2026, following Board review under the NZX Corporate Governance Code.
  • After these changes, the Board will comprise three independent directors, two non-independent directors, and no executive directors.

Promisia Healthcare Limited (NZX:PHL) has announced forthcoming changes to its governance structure, effective at and following the 2026 Annual Shareholders Meeting. Tom Brankin will transition from his executive position to remain on the Board as a non-executive director. During his tenure in an executive capacity, he led key strategic initiatives, including acquisitions, divestments, and development projects that contributed to the company’s growth. Responsibility for these matters will transfer to the senior executive team.

In addition, the Board has reviewed the independence status of director Craig Percy and determined that he will be considered independent from 31 May 2026. This decision reflects the temporary and limited nature of his prior executive involvement. Following these updates, Promisia’s Board structure will consist solely of non-executive directors, strengthening its governance framework.

Tom Brankin Transition

Tom Brankin will retire from his executive responsibilities at the 2026 Annual Shareholders Meeting while continuing to serve as a non-executive director. In his executive role, he oversaw acquisition and development initiatives aligned with Promisia’s growth strategy. His leadership supported significant transactions and expansion projects that enhanced the company’s portfolio. With his transition, these responsibilities will move to the senior management team, ensuring continuity in strategic execution. The Board acknowledged his substantial contribution in driving corporate growth and confirmed that his experience and sector knowledge will continue to add value at the governance level. This change represents a structural shift rather than a departure from the company, maintaining continuity within the Board while reinforcing executive accountability within management.

Craig Percy Independence Status

The Board has reassessed Craig Percy’s classification in line with principles outlined in the NZX Corporate Governance Code. Although the Code generally suggests a three-year period before a former executive may be deemed independent, the Board concluded that a shorter timeframe was appropriate in this case. Craig’s executive involvement was temporary, part-time, and limited to operational support, concluding with the appointment of a permanent Chief Operating Officer in May 2025.

The Board determined that sufficient time has now passed, and that all relevant financial reporting periods will have been completed by the effective date. Accordingly, from 31 May 2026, Craig Percy will formally resume independent director status, reinforcing the company’s governance balance and compliance framework.

FAQs

  1. What changes are being made to Promisia’s Board?
    Tom Brankin will step down from his executive role at the 2026 Annual Shareholders Meeting and continue as a non-executive director.
  2. Will Craig Percy remain on the Board?
    Yes. Craig Percy will continue as a director and will be classified as an independent director from 31 May 2026.
  3. What will the Board structure look like after these changes?
    The Board will consist of three independent directors, two non-independent directors, and no executive directors.