new chairman

Chart readers have a good look at this stock as it head for new higher levels.

Consensus: Strong Buy

Also positive rating from UBS y'day.
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DOWNER EDI LIMITED 2003-06-05 ASX-SIGNAL-G
HOMEX - Sydney
+++++++++++++++++++++++++
Downer EDI Limited (Downer EDI) announced today that Mr Barry
O'Callaghan AO (previously Deputy Chairman) has been elected Chairman
of the Board of Directors, at a board meeting held 4 June 2003. Mr
O'Callaghan succeeds Mr Tom Lau, who has taken the role of Deputy
Chairman of the Board, effective the same date.

While Mr O'Callaghan is not strictly independent (he retired 12
months ago as a partner of the law firm Corrs Chambers Westgarth
which provides legal services to Downer EDI short of the three
years suggested in the ASX guidelines) the board believes this is a
technical issue and moves the company much closer to corporate
governance best practise in replacing Mr Lau who represents the
company's major shareholder.

Mr O'Callaghan paid tribute to the valued service of Mr Lau as
Chairman since 1998, and welcomed his continuing contribution as
Deputy Chairman and a representative of Downer EDI's major
shareholder Paul Y. - ITC.

PROFILE OF MR O'CALLAGHAN:

Aged 66, Barry O'Callaghan AO has been a non-executive director and
was the deputy chairman of Downer EDI since he joined the Board in
1998. He is a barrister and solicitor, a consultant to the national
law firm Corrs Chambers Westgarth, a Partner from 1960-2002, Chairman
of Partners of the Melbourne office form 1993-1999 and was Manager of
the Property and Development Division from 1965 1992. Mr
O'Callaghan serves as Chairman of Mercy Health and Aged Care Inc and
is a non-executive director of the Selpam Group and Monterey
Investments. He was formerly a non-executive director of the Linfox
Group, Hudson Conway Limited, the Royal Melbourne Institute of
Technology Graduate School of Business and the Committee for
Melbourne. He was also Chairman of Xavier College Council.