Private label diaper and hygiene product manufacturer Ontex Group NV has appointed Luc Missorten chairman of its board, effective immediately. He succeeds Paul Walsh, who resigned from his spot on the board, following a recent change in ownership at the company.
 
Following the sale of all remaining shares by The Goldman Sachs Group, Inc. and TPG Group Holdings (SBS) Advisors, Inc., via their affiliated entity Whitehaven B, their six nominated directors Paul Walsh, Alex Mignotte, Antonio Capo, Michele Titi-Cappelli, Richard Butland and Simon Henderson have resigned from the board. Ontex strengthened its board of Directors at the time of the IPO with three independent non-executive directors, to allow for a smooth transition in case of changes in the capital structure of the group.

 
Gunnar Johansson, an independent director, has been appointed as chairman of the remuneration and nomination committee, replacing Luc Missorten.
 
Walsh says, “It has been a pleasure to work with Ontex since January 2014 during such an exciting period of the company’s history. I am very pleased that Luc will be heading the board and succeeding me. He has been a key contributor since joining the board last June. He brings with him vast experience in the consumer goods industry, and is well positioned to lead the Board as it continues its journey.”
 
Missorten says, “The Board would like to thank Paul and the outgoing directors for their contribution and unwavering commitment to the Company through a period of significant change, culminating in the successful IPO in June 2014. They have been instrumental in leading Ontex through its transformation process and setting up the business for continued success. We wish them all the best in their future endeavors. Following these changes, the board reinforces its commitment to shareholder value creation and good governance. I am excited to work with the team and navigating Ontex through the next stages of its growth.”
 
From 2007-2014, Missorten served as CEO of Corelio and remains a serving board member, a position he has held since 2007. He is an Independent Director of Barco, chairing its audit committee and is a member of its remuneration committee. He is also an Independent Director of GIMV where he chairs the audit committee. From 1995 to 2007, he served as executive vice president and CFO for Labatt Brewing Company, Interbrew (now AB InBev) and most recently UCB. He also served as the corporate finance director for Interbrew from 1990 to 1995 and a vice president of Citibank from 1981 to 1990. He holds a law degree from Catholic University of Leuven, a Certificate of Advanced European Studies from College of Europe, Brugge and an LL.M from the University of California, Berkeley.