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
Rip Curl purchase a done deal on Kathmandu proxies alone
Comvita chair Neil Craig eyes the exit once he finds a new CEO
Mercury raises guidance on increased storage, high spot prices
Eroad reports strong 3Q sales growth, eyes ASX listing
MediaWorks puts TV business on the block
NZ dollar benefits as preliminary Brexit deal improves risk appetite
ANALYSIS: Why banks don't pass on full OCR cuts
NZ Europeans make up 80% of business leaders, survey shows
Zespri tries to whet American appetite for kiwifruit
MARKET CLOSE: NZ shares fall as Pushpay follows Aussie software firms lower