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

 

Watson Appoints Newland To Head Cullen

Appointment Targets Governance and Strategic Focus


Auckland - August 13, 2001 – Eric Watson has appointed Phil Newland as Group Managing Director of his private investment company, Cullen Investments, controlling assets generating over $1 billion in annual revenue.

Mr Newland has a background in law and before joining Cullen was respectively a vice president and associate director in New York and New Zealand based investment companies. He assumes responsibility for the overall Cullen portfolio with interests in several industry sectors including financial services, consumer, health, technology, sports, entertainment, real estate and infrastructure services.

Mr Newland oversees a restructure of Cullen’s investments that separates the company’s core group of operating companies from its merger and acquisition activity operated under a new vehicle called Cullen Capital.

An executive team, including Stefan Preston, former head of Pacific Retail Group and Maurice Kidd, Executive Director – Finance, will be led by Mr Newland and will focus on growing the long-term value of Cullen’s businesses. The consolidation will allow Cullen to concentrate on applying strong commercial disciplines in core strategic activities. It will also support the performance of its main assets, as well as making new acquisitions consistent with its core strategies.

Cullen Capital has been established as the group’s primary mergers and acquisitions vehicle. While Mr Newland will be responsible for the group’s activities in both areas, Cullen Capital will be led by Managing Director, Mohindar Randhawa.

Eric Watson believes the Cullen restructuring recognises an important stage in the development of the company. Cullen now owns mature businesses that are successful in their markets as well as companies that are developing or have recently been acquired. Cullen continues to have an active mergers and acquisitions operation.

Mr Newland said Cullen is an entrepreneurial investment company with significant holdings in a range of businesses. “Cullen has come a long way and while it still has unique skills in the mergers and acquisitions field, we also have to manage our portfolio of more mature businesses.”

The executive team’s role is to support the directors and management of Cullen’s businesses to achieve excellent performance maximising each company’s medium to long term potential. Leveraging Cullen’s extensive networks and marketing contacts will also play an important part in this strategy.

Eric Watson remains Chairman of Cullen and will be actively involved in the company’s investment decisions.

ENDS

About Cullen Investments
Cullen Investments Limited is a private investment company with strategic investments in a network of well-established businesses, principally in Australia and New Zealand. It is Eric Watson’s primary investment vehicle and comprises a team with considerable financial and business acumen and extensive experience in markets in New Zealand, Australia, Europe and the United States.
Cullen holds a substantial interest in a core group of companies operating in the retailing, financial services, infrastructure, property, healthcare, technology, entertainment and bloodstock sectors. Via subsidiary, Cullen Capital, it also has an extensive portfolio of e-commerce, venture capital, online services and credit information properties, which it actively builds via mergers, acquisitions and management buy-outs.

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

TradeMe: Wages Remain Hot While Job Listings Cool Off
Salaries are skyrocketing in the regions as Kiwi employers battle to attract staff and combat the rising cost of living, according to the analysis of over 77,000 vacancies listed on Trade Me Jobs for the quarter ending 30 June (Q2)... More>>



Tegel: Chicken Prices On The Rise But It’s Still The Favourite Protein For Kiwi Families

A combination of domestic and international factors is forcing New Zealand’s largest poultry supplier Tegel to raise its prices from July. The roughly 10% price rise is a result of ongoing cost pressures on the industry, including increases in labour... More>>

Hospitality NZ: Hospitality Wages Jump 9% To Pass Living Wage
Wages and salaries across the hospitality sector continue to increase despite businesses having to battle through some of the toughest trading periods in living memory... More>>


Motor Industry Association: New Vehicle Registrations Soften

The Motor Industry Association’s Mark Stockdale says that 12,049 registrations of new vehicles for the month of June shows the market is weakening in the face of raising costs of living... More>>



MYOB: New Data Shows Increase In SMEs Experiencing Stress And Anxiety

The lingering impacts of the COVID-19 pandemic have led to a surge in the number of local SME owners and operators experiencing stress and anxiety, according to new research from business management platform, MYOB... More>>



Carbonz: Cashing In On Carbon: The New Marketplace Helping Native Forest To Thrive

The country’s first voluntary carbon credit marketplace, Carbonz, is here to restore native biodiversity and help Aotearoa reach its carbon zero goals by selling the first carbon credits exclusively from native forest... More>>