Wednesday 12th November 2014
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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.
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