Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Dave Taylor Steps Down After 8 Years as CEO of Steel & Tube

Dave Taylor steps down after 8 years as CEO of Steel & Tube

Sept. 13 (BusinessDesk) - Steel & Tube Holdings chief executive Dave Taylor has resigned and will leave next week after eight years running the listed steel building supplies company.

In a brief statement, chair Susan Paterson said the company is finalising interim arrangements and has begun the process of appointing a new CEO. She thanked Taylor for his "lengthy and significant contribution to the company."

“Now is the right time to step down to enable me to focus on other interests,” Taylor said in a statement.

Taylor took over as CEO from Nick Calavrias, a 19-year veteran of the company, in October 2009. Since then the shares have fallen 27 percent while the NZX 50 Index has climbed 147 percent.

Last month Wellington-based Steel & Tube posted a 22 percent decline in full-year profit reflecting year-earlier gains from property sales that weren't repeated and a business performance it said had missed its own expectations.

Steel & Tube has undertaken an $80 million acquisition programme over the last four years, widening the scope of its business, while adding to costs and working capital. Last month the company said cost management continued to be a focus, with further overhead cost savings expected in 2018. Last December, the Commerce Commission said it would prosecute Steel & Tube and two other companies after an investigation into seismic steel mesh that the regulator alleges was misrepresented as complying with New Zealand standards.


ENDS


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Fuel Leak: Refinery Prepares To Repair Damaged Pipeline

Refining NZ has confirmed that it is to start repairs on a section of its multi-product fuel pipeline which was shut down following a jet fuel leak last Thursday. More>>uption.htm">More>>

ALSO:

StatsNZ: Economy Grows 0.8% In June Quarter

“Strong export and domestic demand underpinned growth this quarter,” national accounts senior manager Gary Dunnet said. “Demand for exports has resulted in strong production growth in manufacturing and service industries.” More>>

ALSO:

Stats NZ: Annual Net Migration Remains High

Annual net migration was 72,100 in the August 2017 year... Migrant arrivals reached 132,200, a new annual record, and migrant departures were 60,100 in the year ended August 2017. More>>

ALSO:

Expert Reaction: Cassini's Grand Saturn Finale

After a 20 year mission, NASA's spacecraft Cassini will meet its demise this week by plunging into Saturn's atmosphere and burning up. More>>

ALSO:

Jurisdiction: Court Rejects Cathay Unit's Retirement Age Of 55 For Pilots

The Supreme Court has backed two Auckland-based Cathay Pacific pilots who claimed local law meant they couldn't be forced to retire at 55. More>>

ALSO:

Supreme Court: AFFCO Loses Lockout Appeal

The essential question in the appeal was whether those who presented themselves for work at the beginning of the 2015/2016 season were at that time “employees” for the purposes of the lockout provision... This Court has unanimously dismissed the appeal. More>>