Rangatira hires ACC CFO Mark Dossor as new chief executive

Rangatira hires ACC CFO Mark Dossor as new chief executive

By Paul McBeth

April 26 (BusinessDesk) - Rangatira Investments has hired Mark Dossor as its new head, effective from July, drawing on his time as chief financial officer of Accident Compensation Corp, where he was ultimately responsible for the workplace insurer's $36 billion investment portfolio.

Wellington-based Rangatira chair David Pilkington cited Dossor's experience in portfolio fund management, performing due diligence on potential investments and acting as a director and mentor for investee companies in announcing his appointment as chief executive. As ACC CFO, Dossor was responsible for financial reporting, procurement, and the investment portfolio, which has outperformed its benchmark for the past 22 years.

"The directors look forward to welcoming Mark aboard, and to working with him and to the contribution he will make to the company's next chapter as we continue a sustainable growth strategy for our shareholders, including the many charities that make up our share register," Pilkington said in a statement. "Rangatira has a strong balance sheet, and with some $50 million of funds available for investment, is well-positioned to take advantage of market opportunities as they arise."

Dossor replaces Phil Veal, who left Rangatira at the end of November. The board started searching for a replacement in September.

Rangatira has about $230 million of assets under management, most of which are mid-market New Zealand businesses. In December, it took a 50 percent stake in specialist cookie retailer Mrs Higgins with a view to help fund a new manufacturing plant.

The investment firm's shares trade on the Unlisted exchange, with individual investors holding about 34 percent, the JR McKenzie Trust owning 51 percent, and community and charitable organisations with 15 percent. The shares are split into Class A, which last traded at $10.75, and Class B, which last traded at $10.60.

(BusinessDesk)

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