The Wool Company appoints Directors
The Wool Company Limited
EMBARGOED UNTIL 11 AM Thursday 17 July 2008
The Wool Company appoints Directors
Craig Norgate and James Aitken, as representatives of the foundation shareholders of 'The Wool Company', are delighted to announce the appointment of Theresa Gattung as independent Chair.
The foundation board will comprise Ms Gattung, Mr Norgate, Alan McConnon, John Perriam and Keith Sutton.
Mr Aitken is chairman of the majority shareholder, Wool Grower Holdings, and Mr Norgate is chairman of PGG Wrightson (PGW), which has a 40 per cent holding in 'The Wool Company'.
Messrs Aitken and Norgate expressed their delight that Ms Gattung shares their vision for the new company and has agreed to lead the board.
“Given Theresa's experience and passion for New Zealand’s international success, this appointment makes a clear statement about the intention of the founding partners of the company.”
The concept of creating an internationally branded New Zealand wool product, reflecting the values sought by buyers of premium quality wool carpets and textiles is exciting interest across the wider wool industry and will deliver significant value for wool growers and the nation, Ms Gattung says.
“We want to establish a strong New Zealand wool brand and partner internationally with recognised players thereby improving industry returns and ensuring sustainability of wool production on farm.”
‘The Wool Company’ is the culmination of much hard work by many people in the wool sector led by the Wool Industry Network, an initiative of Meat and Wool New Zealand and New Zealand Trade & Enterprise. PGW has been part of the process and shares the same vision. PGW is the first industry partner to transfer its wool operations to the company and become a founding equity investor. PGW has also provided support for the purchase of Allied Farmers wool business.
“These businesses will ensure the company starts operations tomorrow (Friday, July 18) in a strong position and with widespread support.”
‘The Wool Company’ is the provisional name for the operating company that will be a subsidiary of the wool grower cooperative, Wool Grower Holdings Limited. PGG Wrightson’s shareholding may be further diluted as other industry players enter into arrangements with the company.
Progress on the appointment of a Chief Executive is well advanced and an announcement is expected to be made shortly.
‘The Wool Company’ Directors
Independent Chair: Theresa Gattung, who is the inaugural chair of the company, was Chief Executive and Managing Director of Telecom New Zealand for seven years until 2007. Educated at McKillop College, Rotorua, the University of Waikato (Bachelor of Management (Hons) in Economics and Marketing) and Victoria University of Wellington (Bachelor of Laws), Theresa Gattung worked in senior marketing roles at National Mutual and at the Bank of New Zealand before joining Telecom.
Alan McConnon is
Executive Director of Aorangi Laboratories, a family-owned
investment company with a portfolio including PGG Wrightson
and privately held businesses in New Zealand and Australia.
He was part of the management team that grew Mainland
Products from a small Dunedin-based family company to one of
the largest food businesses in Australasia until it was
purchased by Fonterra.
Craig Norgate is chairman of PGG Wrightson. He is a company director and investor with two decades' experience as a leader in New Zealand’s primary sector. Craig was Chief Executive Officer of Fonterra from its formation in 2001 to July 2003, and was previously Chief Executive Officer of Kiwi Co-operative Dairies.
John Perriam owns and runs Bendigo Station in Central Otago and chaired Merino NZ throughout its formative years until 2001. He gained national and international media attention with his shaggy Merino Shrek, who he has now turned into a New Zealand charity icon. He is a mentor for the University of Auckland’s Ice House international centre for entrepreneurship. John received a Queen’s Honour in 2001 when he was appointed a Member New Zealand Order of Merit for his services to the wool industry.
Keith Sutton is a director of the Animal Health Board, Aotearoa Fisheries, St Laurence and a number of other companies. His background is in investment banking, corporate finance, and strategic decision-making. Keith has both farming and forestry interests in the North and South Islands. Keith is also a member of the Institute of Directors and the Institute of Finance Professionals. He has a Bachelor of Arts in Economics and Accounting.