Bendon boss hints his job might not last

By Deborah Hill Cone

Friday 12th April 2002

Kay Cohen

New Bendon managing director Stefan Preston said yesterday he might return to Cullen Investments after he has got "a detailed appreciation" of the company.

Mr Preston retains his role as operations director at Cullen, the investment vehicle of Eric Watson, which indirectly owns Bendon through Pacific Retail Group.

Asked whether he would stay on as Bendon's managing director after the 100 days he estimated it would take him to understand the company, Mr Preston replied: "The answer to that question lies in the way things unfold."

He said he would look at what resources were needed at board level, operating level and outside agencies.

"We don't need to make any kneejerk reactions."

Was PRG committed to moving Bendon further into retail?

"Have you heard the saying that 'to a hammer, the whole world looks like a nail'? We are not a hammer. Just because we happen to be good at retail we are not just looking at it with retail eyes."

The newly reconstituted board of the lingerie maker has no one with rag-trade experience and no representatives of the marketer's main consumer base - women. It had no women directors in its previous incarnation either - but did have rag-trade veteran Hugo Venter.

Mr Preston indicated those issues might be addressed in time.

The most likely contender to fill the vacuum would be the company's marketing whiz - group general manager of brands Kay Cohen, who was brought to Bendon from rival Triumph in Australia by Mr Venter in 1997.

This week Mr Venter, who had led a bid to buy the company, resigned after coming to an "amicable" agreement with new shareholder PRG.

"When you try to buy the business a lot of the passion goes. Why would I want to be an employee when I'd like to own the business?" He said he was keeping an open mind about his next move but would like to stay in New Zealand if he could find the right opportunity.

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