F&P Appliances completes reshuffle, appoints Broadhurst as CEO

Friday 11th December 2009

Fisher & Paykel Appliances Holdings, the whiteware manufacturer that introduced Chinese company Haier Group as a cornerstone investor earlier this year, looked inwards to complete its reshuffle at the top and appointed Stuart Broadhurst as chief executive and managing director.

Broadhurst, currently chief operating officer, steps into his new role after taking over the reins as acting CEO when John Bongard brought forward his retirement in September as he battles prostate cancer. He joins new chairman Ralph Waters at the top of the company, after Gary Paykel vacated the chair last month.

“The search for a new CEO has been international, thorough and consider,” Waters said in a statement. “Stuart was a very strong internal candidate and he was our unanimous decision.”

F&P Appliances has undergone a major transformation this year after it posted large losses and was forced to strengthen its balance sheet through a share sale at a deep discount. The offer saw Haier come on board as a 20% shareholder, giving it access to the Chinese market and opportunities to share technology and production.

The shares climbed 1.8% to 58 cents and have tumble 38% this year.

Broadhurst will look at earning up to $1.225 million a year, made up of a base salary of $700,000 and a short-term incentive plan of up to $350,000 a year and long-term plan of up to an annual $175,000. He will have to hold and maintain an ongoing investment in the company until his shareholding equals 50% of his base salary.

The new chief executive has been with the company for 21 years, and Waters said he will have to focus on bringing the news operations in Thailand and Mexico to a world class standard.

Businesswire.co.nz

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