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Warehouse expresses confidence in chief executive

Monday 17th January 2011

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The board of The Warehouse Group is playing down speculation that the company may dump chief executive Ian Morrice because of disappointing trading results.

The board moved today to make a public statement in support of Morrice, who has been chief executive since 2004.

But it revealed that during 2010 Morrice had discussed with the board his own desire to retire from the company in 2011. It said no decision has been made regarding this.

"In response to speculation about the tenure of Mr Morrice, reported in media in recent days, the board confirms that it continues to support Mr Morrice as chief executive.

"The board is comfortable with Ian's performance and has not met to discuss this with reference to recent trading results," the company said.

The company outlined its performance for December and in New Year trading on January 5.

It said today that while it was disappointed with the trading results, they had to be assessed in the context of the difficult trading conditions for retailers generally over this period.

An announcement on succession in the chief executive role will be made in due course, as and when the matter is determined.

In 2003, Greg Muir resigned as chief executive over differences with the board about the company's direction.

Founder Sir Stephen Tindall owns 26.69% of the company and the Tindall Foundation owns 21.31%, according to the company's annual report.

 

NZPA



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