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Supermodel becomes latest star to take boardroom seat

Ciar Byrne,Media Correspondent
Monday 10 July 2006 00:00 BST
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She is nicknamed "The Body" but Elle Macpherson is setting out to prove that there is more to her than just a fine physique, as she joins the growing band of famous names sitting on the boards of companies

The supermodel, 43, has followed in the footsteps of stars including the newsreader Anna Ford and the musician Bob Geldof, by accepting an appointment as an executive director.

She has joined the board of Hot Tuna, one of the world's longest established surfwear brands, and one of the smallest companies listed on the Alternative Investment Market (AIM).

Founded in Ms Macpherson's native Australia in 1969, Hot Tuna became one of the most famous surfing brands in the world, with its distinctive red piranha fish logo.

Eight years ago, a group of Australian investors turned it into an international company with headquarters in London and offices in Los Angeles and Sydney.

The company, which floated on the AIM last September, is currently valued at £19.4m. With the help of Ms Macpherson's fashion expertise and international network of contacts, Hot Tuna hopes to regain its crown as a leading youth fashion brand.

It is not Macpherson's first foray into business: in 1990 she launched Elle Macpherson Intimates, a range of lingerie and swimwear, which is now estimated to be worth £40m in Britain alone. The supermodel also recently launched her own skincare range, The Body.

Under her deal with Hot Tuna, Ms Macpherson will receive two million shares, worth £800,000 plus a further two million share options worth between £1m and £1.5m.

It is Ms Macpherson's first company directorship. Fittingly, 17 years ago, she was the face of Hot Tuna's women's swimwear line.

The company's chairman, Ranjit Murugason, said: "Elle Macpherson is inspired by Hot Tuna because she grew up in Australia at a time when it was the brand to buy. She's the most financially astute supermodel of our times. She has turned her image into one of the most successful brand management stories.

"She has a terrific eye for style and trends. We're a small company, so we all sit round a table in her kitchen or living room and hammer it out together."

But Mr Murugason insisted that he did not hire her for her celebrity status. "I asked Elle Macpherson to come on to the board of this company not because she's a celebrity but because she's very astute about business and brands. She epitomises the lifestyle of Hot Tuna."

Grazia magazine recently presented Ms Macpherson with its first lifetime achievement award, "For combining a hugely successful 25-year career in modelling with her own multi-million pound global lingerie line."

Throughout her modelling career, Ms Macpherson, who studied law before working in fashion, has produced her own calendars, as well as licensing and marketing products.

Anna Ford, who quit the BBC this spring after 30 years, recently joined the board of Sainsbury's - her first role on the board of a major company. She was hired to improve the company's image on environmental and social issues.

Sir Bob Geldof is a non-executive director of Ten Alps, an AIM-listed television company which he helped to found.

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