Wednesday 12th November 2014
|Text too small?|
Smiths City Group, the Christchurch based retail chain, is looking for a new chief executive after long serving head Rick Hellings said he plans to leave after three decades with the company.
The retailer's board has hired recruitment agency EQI Global to find a new chief executive, and Hellings has agreed to stay until a new boss is appointed, "to ensure a smooth transition," chairman Craig Boyce said in a statement.
Hellings' exit comes after Utilico Investments, a UK investor managed by Infratil director Duncan Saville, emerged as a major shareholder in June, buying former Datacom chairman John Holdsworth's stake in the retailer as it built up a 13.6 percent stake.
Shares of Smiths City were unchanged at 55 cents, and have dropped 8.3 percent this year.
The stock was seen as undervalued in a research report by Edison Investment Research in August, which put fair value on the company at 83 cents. The report was compiled at Smiths City's request.
No comments yet
NZ dollar stalls after Bascand's rate cut comments
Bascand says RBNZ will consider changing bank capital proposals
Affordable electricity key to decarbonisation - Genesis
Graeme Hart trims global packaging empire with US$615m asset sale
Stronger-than-expected inflation won't deter November rate cut - economists
Contact in talks on 13MW dairy boiler project
Restaurant Brands forecasts 10% growth in FY2020
Domestic inflation rises at fastest annual pace in eight years
16th October 2019 Morning Report
NZ dollar falls against British pound on Brexit hopes, CPI in focus