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Smith leaves Wrightson board

By Phil Boeyen, ShareChat Business News Editor

Thursday 31st January 2002

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Wrightson (NZSE: WRI) independent director Mike Smith is to stand down from the board following his high profile resignation from dairy giant Fonterra (NZSE: FCGHA).

Mr Smith resigned from his role at Fonterra earlier this month, citing concerns over governance at one of the world's largest dairy companies.

He was appointed to the Wrightson board last year after Fonterra subsidiary, RD1.COM, took a 19.9% stake in the listed rural services company.

"Given the association between my directorship of Wrightson and my involvement with Fonterra, it is appropriate that having resigned my Fonterra directorship, I should also resign my Wrightson directorship", says Mr Smith.

"I leave with considerable regret, as the company is performing well, has a good future, and I have enjoyed my time at the board table."

Wrightson chairman, John Palmer, says although Mr Smith was nominated as a director by RD1.COM in recognition of its shareholding in Wrightson, he was appointed by the Wrightson directors as an independent director.

He says that Mr Smith had brought a valuable combination of experience and expertise to the board, which would be missed by the directors and management.

Mr Palmer says the board had no immediate plans to fill the vacancy left by Mr Smith.

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