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


Brierley steps down as GPG chairman, stays on board

Brierley steps down as GPG chairman, stays on board

By Paul McBeth

Dec. 10 (BusinessDesk) – Ron Brierley has handed over the reins of Guinness Peat Group, relinquishing his role as chairman, though he’s staying on the board.

Two and a half months after investors forced the board to back down from carving up the business and divvying the spoils, Brierley will hand over the reins to Mark Johnson at the close of business today. Johnson is one of four independent directors brought in to help develop a new strategy for the ailing investment company. Brierley will stay on the board as an independent director.

“I am delighted that Mark has accepted the board’s invitation to become the next chairman of GPG,” Brierley said in a statement to the London Stock Exchange. “He has extensive experience and is highly regarded within the international business community.”

Brierley foreshadowed his exit in 2008, saying he planned to step down this year, though this was put off as the company struggled to make a return to shareholders. That led to a boardroom stoush, with New Zealand director Tony Gibbs resigning after he publicly spoke out against the move to split the company up.

GPG subsequently shut its New Zealand office, with Brierley saying the country offered “little or no opportunities” for the company.

The shares, which peaked in the middle of 2006 at $1.80, last traded at 70 cents having declined 8.3% this year.

GPG’s new chairman Johnson said the board is still mulling the company’s strategic options and will update shareholders at the February result.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Stats NZ: Unemployment Declines As Underutilisation Rises

The seasonally adjusted unemployment rate decreased to 4.7 percent in the March 2021 quarter, continuing to fall from its recent peak of 5.2 percent in the September 2020 quarter but remaining high compared with recent years, Stats NZ said today. ... More>>


Digitl: The Story Behind Vodafone’s FibreX Court Ruling

Vodafone’s FibreX service was in the news this week. What is the story behind the Fair Trading Act court case? More>>

Commerce Commission: Vodafone Found Guilty Of Misleading Conduct Over 'FibreX' Service

Vodafone NZ Limited has been found guilty of engaging in conduct that was liable to mislead consumers in relation to its FibreX branded broadband service. In a case brought by the Commerce Commission and heard last year, the Auckland District Court ... More>>

Westpac: Announces Strong Financial Result

Westpac New Zealand (Westpac NZ) [i] says a strong half-year financial result has been driven by better than expected economic conditions. Chief Executive David McLean said while the global COVID-19 pandemic was far from over, the financial effect on ... More>>

MYOB: SME Confidence In Economic Performance Still Cautious

New insights from the annual MYOB Business Monitor have shown the SME sector is still cautious about the potential for further economic recovery, with two-in-five (41%) expecting the New Zealand economy to decline this year. The latest research ... More>>

Tourism Industry Aotearoa: Trans-Tasman Bubble Benefits NZ

More people have entered New Zealand than have left since the opening of the trans-Tasman bubble, says Tourism Industry Aotearoa. Since the first flight from Australia to New Zealand took off from Sydney to Auckland on 19 April, the two-way Tasman travel ... More>>