Former Baycorp chairman to head RMG

Mr Cooney will remain as a non-executive director while Mr Boult will be both CEO and deputy chairman.

RMG says Mr Cooney, who has nursed the company through its difficult start up phase, is retiring to pursue personal investment and other interests.

James Boult, who retired as Baycorp chairman in June 1998, says he is looking forward to returning to a hands-on role in the receivables management business.

He says there is great potential for the company to show growth in the future by building on the very strong customer bases that each of the 22 antecedent companies had prior to the merger.

RMG says initially Mr Boult will address business growth in both Australia and New Zealand and a number of structural issues facing the group, and it is likely that the company may announce a further senior management appointment in the medium term.

RMG chairman, Tony Hodgson, says Mr Boult knows the receivables management market extremely well.

"We are sure he can repeat the success he had with Baycorp Holdings at the helm of RMG Limited, not only with our trans-Tasman business but in international markets also".

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