Warehouse boardroom shake-up sees Ted van Arkel as chair
Warehouse boardroom shake-up sees Ted van Arkel to take over chair
Oct. 18 (BusinessDesk) - Warehouse Group, the country’s biggest listed retailer, will undergo a boardroom shuffle with two retirements at this year’s annual meeting, which will see veteran director Ted van Arkel take up the reins as chairman.
The retailer’s current chairman Graeme Evans and director Janine Smith have signalled their respective retirements at the end of the annual meeting, and will be replaced by former Noel Leeming boss John Journee and ex-Air New Zealand general counsel Vanessa Stoddart, the Auckland-based company said in a statement.
Their departures come as the retailer continues its transformation programme under relatively new chief executive Mark Powell as it tries to navigate through a tough retail environment and regain some of its lost lustre after abandoning forays into grocery and Australia under its previous management.
The shares fell 0.3 percent to $3.69 yesterday, and have gained 24 percent this year, outpacing the 13 percent lift in the NZX All Index, a capital index of all domestic stocks, over the same period.