Monday 15th September 2008
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"There has been an economic downturn on both sides of the Tasman which has made it necessary for us to focus on the New Zealand business," the engine room of the company, chairman Warren Bell said in a statement.
The company will begin a global search fro a successor. The shares fell 1.3% to NZ$2.96 and have dipped about 24% this year.
At the time of her appointment in January, Bell said keeping Quanchi in Melbourne "supports our determination to strengthen both our presence and position in the Australian market."
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