GPG names independent directors

Wednesday 22nd September 2010

Guinness Peat Group named four independent directors in a boardroom shake-up aimed at reappraising strategy at the under-performing investment company.

GPG has expanded its board to seven, while director Ron Langley has resigned, following the departure of high-profile New Zealand-based board member Tony Gibbs in a public spat over options for restoring value to the company. Its shares, which last traded at 66 cents, were as high as $1.80 in mid-2006

The four new hires, Mike Allen, Rob Campbell, Mark Johnson and Gavin Walker, will sit on an independent sub-committee to evaluate strategic options for the company. The move comes in the wake of GPG's announcement on August 28 that it will close its New Zealand office, saying the nation holds "little or no opportunities" for the investment company.

"The new independent, non-executive directors appointed today are of the highest calibre and add significant depth and strength to the GPG board," said GPG chairman Ron Brierley.

Mike Allen is chairman of PGG Wrightson Finance, and serves as a director of Breakwater, Hirst NZ, Tainui Group and NZ Windfarms. Rob Campbell is a director and investment committee chair of Accidents Compensation Corp., and a director and audit and risk committee member of Aquasure.

Mark Johnson was previously the deputy chairman of Macquarie Bank, and is the chairman of AGL Energy and a non-executive director of the Westfield Group. Gavin Walker is a director of the Guardians of New Zealand Superannuation Fund, ASB Bank, ASB Life and Lion Nathan National Foods.

Businesswire.co.nz

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