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


CEO Milliner falls victim to Mercer Group strategic review

Milliner falls victim to Mercer Group strategic review, resigns as CEO

Aug. 2 (BusinessDesk) - Howard Milliner has taken up the offer to resign as chief executive of Mercer Group, the unprofitable stainless steel fabricator that has been conducting a strategic review under new chairman Garry Diack.

Mercer named Rodger Shepherd as its new CEO. His previous jobs included deputy CEO of Fairfax Group in New Zealand and CEO of PMP Ltd.

“The board of the Mercer Group is looking for a strong change in direction for the company and Howard has agreed to step aside to allow this to happen,” the company said in a statement today.

In April, Mercer forecast annual earnings before interest and tax loss of $2.6 million to $3 million, saying trading conditions at its sink business in Australia and New Zealand had deteriorated since Christmas, with sales down 21% year-to-date.

It was optimistic trading would pick up again as the rebuild of Christchurch after the earthquakes got underway.

Mercer operated out of the terms of its banking covenant for much of 2010, and last year shuffled related party debts between the lending units of shareholders Allan Hubbard and Humphrey Rolleston.

The company was in talks with its lenders over its interest cover covenant “to better reflect current trading conditions.”

The board announced a strategic planning review of its businesses at that time and Diack took over the process when he was appointed in May, replacing Ian Farrant, who retired after more than 25 years as chairman.

Milliner had been with Mercer for 14 years.

Shares of Mercer last traded at 6.5 cents, valuing the company at $14.2 million.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Greenpeace: Calls Foul On INEOS Rugby Sponsorship Deal

Greenpeace is calling foul on NZ Rugby’s decision to sign a sponsorship deal with the oil and plastic polluting petrochemical giant INEOS. "In the thick of the climate crisis, it’s gutting to see NZ Rugby sign a sponsorship deal with an oil and gas polluting conglomerate... More>>

Stats NZ: Quarterly Inflation Rising Steadily Across The Board

Higher prices for transport and food have driven up inflation for the all households group in the June 2021 quarter, Stats NZ said today. The ‘all households group’ represents all private New Zealand-resident households... More>>

Stats NZ: Primary Products Push Exports To A New High

New Zealand exports reached a new high in June 2021, off the back of record export values for logs and beef, Stats NZ said today. In June 2021, the value of all goods exports rose... More>>

Real Estate: June Home Transfers Remain High
There were 44,517 home transfers in the June 2021 quarter, the highest June quarter figure since 2016, Stats NZ said today. The number of home transfers was very similar to the March 2021 quarter and was up 18,252 from the June 2020 quarter... More>>

Statistics: Household Saving Falls In The March 2021 Quarter

Saving by New Zealanders in the March 2021 quarter fell to its lowest level in two years after rising sharply in 2020, Stats NZ said today. Increases in household spending outpaced income growth, leading to a decline in household saving from the elevated levels that prevailed throughout 2020... More>>