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Preston takes over Bendon top job

By Phil Boeyen, ShareChat Business News Editor

Wednesday 10th April 2002

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Former Pacific Retail (NZSE: PRG) boss Stefan Preston has been put in charge at Bendon (NZSE: BEN) following Hugo Venter's resignation.

Bendon Group's directors say they have reached an amicable agreement with Mr Venter, which will see him step down from his roles as MD of Bendon Ltd and as a director of Bendon Group.

Mr Venter led a failed attempt to buy Bendon Ltd in conjunction with AMP Henderson Global Investors. The consortium's partial bid for the company was turned down by the Bendon board in favour of PRG's full takeover offer.

Bendon says as a result of Mr Venter's resignation Stefan Preston, who was appointed a director yesterday, will take up roles as an executive director and MD. Pacific Retail managing director Peter Halkett and Cullen Investments owner Eric Watson will also sit on the board following their appointments on Tuesday.

Bendon chairman, Ian Parton, says the newly constituted board "looks forward to working with existing management, staff and customers in guiding the company into an exciting new chapter in its history."

PRG announced early Wednesday that its takeover offer for Bendon had become unconditional.

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