Water leaves Fisher & Paykel Appliances' board

Monday 28th February 2011 1 Comment

Fisher & Paykel Appliances Holdings chairman Ralph Waters is retiring and will be replaced by Keith Turner.

Waters steps down today, having earlier signalled he would retire in the first half of 2011. The Australian businessman is highly respected in New Zealand.

He replaced Gary Paykel as chairman in 2009 and has been a director of the company since 2001.

He was appointed chairman of Fletcher Building in March 2010 and was chief executive of that company from June 2001 until August 2006. Waters is also a director of Fonterra and Westpac New Zealand.

Turner acknowledged Waters' contribution to Fisher & Paykel Appliances, as both an independent director and more recently as chairman over his nine-year tenure.

Turner has been a director of Fisher & Paykel Appliance since November 2010.

He sits on the boards of Auckland International Airport, Spark Infrastructure, an ASX listed company as well as several unlisted companies and is a former chief executive of Meridian Energy and former chief operating officer of the Electricity Corporation of New Zealand.

Fletcher Building's chief financial officer Bill Roest is joining the Fisher & Paykel Appliances' board and is effectively filling the vacancy created by the departure of Waters.

The company has had major changes in the makeup of its board and management and shareholder base since the global financial crisis. Chinese company Haier is now a major shareholder.

Managing director John Bongard left the company in 2009 after 35 years.

NZPA

Comments from our readers

On 1 March 2011 at 10:27 am GraemeChCh said:

This company is a bloody disaster...and has destroyed shareholder value big time..but personally I having fitted all their products in the last 2 years have major concerns..bad quality control and misassembly of their premium products.After Sept earthquake I advised them re Gas Hob flame stop problem, unlike their competitors gas hobs that stay operational with eletricity failure..There HQ weren't interested...I'm trashing my FP hob for Parmco when situation allows, I'm dumping my shares for a big loss. >>Gross incompetence F & P Board