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7-Eleven Australia Management and Board Changes

7-Eleven Stores Pty Ltd (“7-Eleven” or the “Company”) advises that effective immediately
Chief Executive Officer Mr Warren Wilmot will stand down as CEO of the Company and as a
result, Chairman Mr Russell Withers has brought forward plans to transition the Chairman
role to independent Non-Executive Director and Deputy Chair Michael Smith. Mr Smith will
assume the role of Chairman while Mr Bob Baily has been appointed interim CEO. Mr Smith
will lead an executive search process to identify a permanent candidate for the CEO role.

Mr Wilmot offered his resignation following the recent realisation of the extent to which 7-
Eleven franchisees had underpaid workers. Mr Wilmot acknowledged it would be difficult
for him to play a central role in navigating the Company through the current challenges it
faces given his long standing executive role and that a new independent CEO was
appropriate in the current circumstances. The Board acknowledges the accomplishments of
Mr Wilmot during his term as CEO and the character he has shown to step aside to assist the
Company to move forward.

Outgoing Chairman Russell Withers said his original 7-Eleven Board succession plan had
been to hand the chair over to Mr Smith in 18 months, however in the wake of Mr Wilmot’s
resignation it made sense to bring that transition forward.

“Over the longer term Michael will need to forge a very close working relationship with our
new CEO so it makes sense for that process to commence from the outset. Michael will lead
the appointment of Warren’s replacement and take an active lead role in navigating 7-
Eleven through the current issues we are facing relating to the underpayment of staff.
“We’re very fortunate to have someone with Michael’s credentials and track record on the
board and able to step into this role. Michael’s detailed knowledge of the 7-Eleven business
together with his breadth of experience across a range of boards is exactly what we need at
present. Naturally this is a major decision for me to stand aside as Chairman, however I will
continue to be a shareholder and I am determined to make sure the Company is in the right
hands to move forward,” said Mr Withers.

Mr Withers will remain Chairman of the group holding company, that has as its investments
7-Eleven and Starbucks together with real estate and a share portfolio.

Incoming Chairman Michael Smith said 7-Eleven has implemented a number of actions to
identify the true extent of the under payment of staff by franchisees and implement
appropriate and lasting remedies, including refining the business model in cooperation with
franchisees.

Prior to recent media coverage of the matter, the Company was working closely with the
Fair Work Ombudsman in conjunction with international accounting firm Ernst & Young to
investigate allegations of franchisees underpaying workers. Furthermore, the Company has
also recently appointed Professor Allan Fels to chair an independent panel to specifically
identify underpaid workers and the quantum owed. Any valid claims of underpayment will
be met by 7-Eleven in lieu of seeking recompense from the relevant franchisees.


Michael Smith – Note to Editors

Michael Smith is a highly experienced independent director with a strong track record of
performance in corporate, public sector and not for profit roles. Recent achievements
include:

  • $1.56 billion takeover of iiNet where Michael held the Chairman role,
  • Successful merger of West Australian public sector energy utilities Synergy and Verve (Chairman)
  • Review of cricket in Western Australia incorporating recommendations as to the future of the WACA
  • Successful initial public offering of Pioneer Credit (Chairman)
  • Record profit from Automotive Holdings Group (Deputy Chairman)
  • Chairman of the Perth International Arts Festival that has experienced substantial growth over recent years
  • Former Chairman of the West Coast Eagles Football Club
  • Michael is one of Australia’s acknowledged authorities on corporate strategy and has provided advice to an unrivalled client list including many of Australia’s most iconic brands over 30 years.

Bob Baily – Note to Editors

Bob Baily has extensive retail, Board and management experience, including:

  • Current Non-Executive Directorships at The Muir Electrical Company (The Good
  • Guys), Best Friends Pet Holdings and City Pharmacy
  • Co-Founder and former Managing Director of Best Friends
  • Former Managing Director of The South Australian Brewing Company and The Swan
  • Brewery Company
  • Senior management roles at SPC Foods and Ampol Road Pantry
  • Former Chairman of the Australian Association of Convenience Stores.


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