Rakon appoints Dr Peter Baines as independent director

Rakon has announced the appointment of Dr Peter Baines as an independent director, effective at the conclusion of the 2025 annual meeting.

Dr Baines, a technology executive and director with over 25 years of leadership experience, was selected by the board's nominations committee.

Meanwhile, independent director Lorraine Witten has decided to remain on the board, contrary to her earlier intention to retire.

The board's majority decision to approve these steps was driven by the need to comply with NZX listing rules and protect Rakon from a potential breach.

The company said there was a risk of having only one or no independent directors after the annual meeting.

Dr Baines' appointment and Witten's decision to stay on the board will help ensure compliance with independence rules.

Dr Baines will be required to stand for election at the 2026 annual meeting.