Warehouse founder Stephen Tindall takes a year off to focus on America's Cup
By Paul McBeth
Oct. 13 (BusinessDesk) - Warehouse Group founder Stephen Tindall will take a year off from the board to focus on his other commitments, especially the preparations for Auckland to host the America's Cup.
Tindall is taking a leave of absence from the board until October next year, with his son Robbie Tindall standing in as an alternate director, the retailer said in a statement. He's taking a break to focus on his commitments as Team New Zealand chair, such as securing the necessary infrastructure for Auckland's hosting of the America's Cup defence.
"The Warehouse Group is currently well-led at a governance level by chair Joan Withers and the board and at a group level by CEO Nick Grayston and his team," Tindall said. "My confidence in this leadership and our strategy for the next 12 months and beyond makes it possible for me to take a leave of absence."
This will be Tindall's first extended break from the company since he opened the first store in Auckland's North Shore in 1982, before going on to establish a nationwide footprint with the distinctive 'Red Shed' stores. The break will also see him pursue venture capital opportunities through his K One W One business and the charitable works through the Tindall Foundation.
Last month the Auckland-based company reported a 7.7 percent decline in annual earnings to $59.2 million, beating guidance, and is about halfway through a three-year strategy to improve profitability by ditching duplication, streamlining operations, and shrinking the physical footprint.
The shares last traded at $2.16 and have dropped 24 percent this year, lagging behind a 13 percent gain on the S&P/NZX All Index over the same period. The stock is rated an average 'hold' based on five analyst recommendations compiled by Reuters with a median price target of $2.08.