The PGA
of Australia announced today that CEO Brian Thorburn would be stepping down
having successfully completed his second three-year contract with the Association
when it comes to the end of its natural term in February 2017.

Peter
O’Malley, Chairman of the PGA Board thanked and praised Thorburn for leading
the Association over these important six years and congratulated him on the
significant contributions he made during that period.

"Brian
was appointed in 2011, by a new Board and together we immediately implemented a
comprehensive restructure and change agenda which has seen the PGA deliver a financial
surplus each year for the last four years, extend the services provided to Members,
reduce Member subscription fees and grow tournaments on the ISPS HANDA PGA Tour
of Australasia by over 50% to 17 tournaments offering $8.9 million in prize
money," Peter O’Malley said.

"Australia’s
golfing fortunes have thrived over this period with several players in the top-50
in the world including two world No 1’s in Jason Day and Adam Scott.

"Brian oversaw
the PGA Centenary in 2011, the relocation of the Australian PGA Championship to
the Gold Coast in 2013, an expanded relationship with the European Tour and the
establishment of new international tournaments in Fiji, Darwin, New Caledonia, Papua
New Guinea and Perth.

"Two
other very significant events were held during his tenure being The Presidents
Cup in Australia in 2011 and the World Cup of Golf also in Melbourne this year
and 2013," continued O’Malley.

"With
the PGA enjoying high brand recognition and respect, Brian leaves at a time
when we are in a powerful financial position well placed to continue to expand
and grow.

"The PGA looks to build greater alignment with all the other
golfing bodies in Australia maximising the value and importance of its brand,
celebrating its history and strengthening the position and circumstances of both
its vocational and tour professionals.

"Brian
effectively represented the PGA & the ISPS HANDA PGA Tour of Australasia on
the world stage, has been most constructive for the future of the game and he
leaves with our thanks and gratitude for his contribution."

"Last week’s
successful staging of the Australian PGA Championship at RACV Royal Pines
Resort and the standing of that tournament is a credit to Brian who has driven
not only the transition from Coolum to the Gold Coast but a number of other
initiatives such as the Greg Norman Medal, the inaugural PGA Immortal Award
which was presented to Peter Thomson, and the SONIQ Million Dollar Hole as a
few examples," concluded Chairman O’Malley.

Brian
Thorburn stated that he was very proud of his achievements as CEO of the PGA.

"It’s been
a privilege to run the PGA and I’m very pleased to have left the legacy of
making a worthwhile contribution to the PGA and to the future of the great game
of golf in this country," he said.

"Living in
Sydney, travelling each week to the PGA’s national office at Sandhurst in
Melbourne and being on the road for over 180 days each year has been a big
commitment and I am looking forward to returning to my consulting firm based in
Sydney and spending more time with my young family."

An
immediate restructure sees Gavin Kirkman, a long term and highly regarded PGA executive,
who has been responsible for the Vocational Professionals and Stuart Hergt, PGA
CFO for more than five years take over as Interim Joint CEO’s reporting to the
Chairman and the PGA Board.

O’Malley added,
"Gavin and Stuart are very capable, experienced and knowledgeable executives,
and will drive us forward, whilst a search is completed for a new CEO."