Thursday 31st May 2012
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Pumpkin Patch, the children’s clothing retailer, has announced two new directors will join its board, one of whom is Briscoe Group managing director Rod Duke.
Duke will take up the role as a non-executive director in June. Former New Zealand Dairy Board executive Peter Schuyt will join the Pumpkin Patch's board as an independent non-executive director in August, and will take the chair of the board's audit and risk committee once David Jackson stands down in November.
Schuyt currently sits on a number of boards including Tatua Dairy Company, Port Nelson and Landcare Research.
"Rod’s retail, supply chain, and procurement experience is well known and we are looking forward to him using that experience to support the company execute its long term strategies in those critical areas of our business," chair Jane Freeman said in a statement.
Under Duke's stewardship, Briscoe's shares sore 21 percent in the past year as the homeware and sporting goods retailer posted a record 27 percent increase in full-year profit to $27.5 million, in March. Shares in Pumpkin Patch have tumbled 28 percent as the company was forced to wind down its UK and US operations after stores failed to make acceptable returns.
Earlier this year, the Auckland-based children's clothing chain turned a first-half loss of $30 million in the six-months ended Jan 31, from a profit of $8 million a year earlier.
Since then the company has announced plans to team up with online retailer, Amazon to sell its products in Europe, while its Middle East partner, Jawad Business Group, will sell its Charlie & Me products in 25 stand-alone stores across the region over the next 12 months.
Shares in Pumpkin Patch rose 2.3 percent to 86 cents today, while Briscoe stock is unchanged at $1.18.
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