Gibbs not standing for re-election at Turners & Growers

Monday 11th April 2011

Former Guinness Peat Group (GPG) director Tony Gibbs is signing off at Turner & Growers after 16 years as chairman of the board.

The company announced today that Gibbs would not be standing for re-election at the annual meeting on June 30. Gibbs told NZPA that he has not decided yet when he would resign but he had made the decision not to stand for re-election.

"I believe I have been chairman for 16 years. I've seen the company transition from a small domestic company to a player on the world market. I think it is one of the best companies New Zealand has got and I wish them very well for the future," he said.

Turners & Growers is New Zealand's largest exporter of fresh horticultural produce. For the year ended December 31, 2010 Turners & Growers posted a pre-tax profit of $17.1 million, $3.4 million up on 2009.

GPG, Sir Ron Brierley's investment company, is being broken up after coming under pressure from shareholders.

Gibbs departed GPG last year after an argument over strategy became public but he has stayed on at some of its investments.

Gibbs is continuing as chairman of insurer Tower, which is 35% owned by GPG.

Tower has said it would like to buy all of AMI Insurance, which came under government protection last week. Tower has said that it was possible that GPG's exit from AMI could be "all washed up in the same thing" if a transaction could be worked out with AMI.

NZPA

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