Mark Flay leaves Cullen Investments' board

Wednesday 15th April 2015

Mark Flay, chief financial officer of Cullen Investments, the investment vehicle for millionaire Eric Watson, is no longer a director of the company.

Flay left Cullen Investments' board yesterday, having been appointed at the end of 2005, leaving executive chairman Watson and general counsel Don Stanway as directors, documents lodged with the Companies Office show. Cullen Investments didn't respond to inquiries about why Flay has left the board.

Watson, who is now London-based with a fortune estimated at $400 million in the National Business Review 2014 Rich List, has restructured his investment portfolio since the collapse of Hanover Finance, which he co-owned with Mark Hotchin, during the meltdown of the finance sector through the tail-end of last decade.

In 2011 he merged his Bendon underwear manufacturer with Australia's Pleasure State lingerie, and kept a majority stake, and the following year set up a joint venture with former global logistics boss Owen Glenn, splitting ownership of his property, bloodstock and New Zealand Warriors assets.

Last October, Cullen Investments appointed former Warriors chief executive Wayne Scurrah as its chief operating officer.

BusinessDesk.co.nz

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