Belgiorno-Nettis brothers leave Transfield

16 Aug 2012, 5:27 pm   -   Source: AAP

Luca and Guido Belgiorno-Nettis are retiring from the board of construction and maintenance group Transfield Services.

Brothers Luca and Guido Belgiorno-Nettis will retire as directors of construction and maintenance group Transfield Services, ending a longstanding link between the company and its founding family.

The Belgiorno-Nettis brothers have served on the board of Transfield Services since its ASX listing in 2001.

Transfield Services was created out of the Transfield engineering company co-founded in 1956 by their father, the late Franco Belgiorno-Nettis.

The float of Transfield Services followed a bitter family dispute in which Franco's eldest son, Marco Belgiorno-Zegna, took his father and brothers to court after a long-running disagreement over the running of the company.

In a statement on Thursday, Transfield Services said Luca and Guido would step down from the board on August 30.

Transfield Services chairman Tony Shepherd said the pair had made "an immense contribution to the development of the company".

"Guido and Luca were instrumental in the formation of Transfield Services in 1993 and its subsequent listing," Mr Shepherd said.

"With their deep knowledge of the industry and passion for the pioneering spirit of innovation, the brothers have been integral members of the Board and I thank them both, on behalf of Transfield Services."

Luca and Guido remain on the board of the private investment company, Transfield Holdings, which is a major shareholder of Transfield Services.

Transfield Holdings has a diverse portfolio of investments including solar power projects, major infrastructure and student accommodation.

Roy McKelvie, who was recently appointed chief executive of Transfield Holdings, will take up a place on the Transfield Services board.

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