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Tourism Holdings CEO resigns

Wednesday 10th September 2008

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Tourism Holdings chief executive Trevor Hall resigned after more than two years in the job in which he sold assets to focus on campervans and car rentals.

The company named Grant Webster as Hall's replacement starting in December. Webster is currently chief operating officer of the company's Tourism Leisure Group.

The nation's biggest campervan company last month posted a 7% gain in annual profit, reflecting sales of non-core assets. Trading profit from continuing businesses fell 11% to NZ$13.3 million.

Shares of Tourism Holdings rose 0.7% to NZ$1.36 and have tumbled 42% this year. The company has sold businesses including buses, the Kelly Tarlton centre in Auckland and operations in Milford Sound to concentrate on its core units.

Tourism accounts for about 10% of New Zealand's economy and is one of the nation's largest sources of foreign exchange.

Hall resigned to spend more time on family owned business interests overseas, the company said today.

By Jonathan Underhill

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