Skellerup's Stewart quits after 18 years as managing director

Skellerup Holdings, the agricultural and rubber goods manufacturer, said managing director Donald Stewart will leave after 18 years in the job.

The company is searching for a replacement. The company, whose shares reached a 14-month high yesterday, gave no explanation for Stewart’s departure. He will stay on until at least June 30, chairman Selwyn Cushing said in a statement. Stewart started with Skellerup in 1979.

The shares didn’t immediately trade after a trading halt was removed. They changed hands at 63 cents yesterday, the highest since February last year.

The manufacturer reported a 38% drop in earnings at its industrial division in the first half while profit fell 25% in its agricultural unit.

Still, chairman Cushing said in February he was optimistic the worst impacts of recession was behind the company and there was "growing confidence that the second half of the current year would see a marked improvement in profitability."

Businesswire.co.nz

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