F&P head mulls choice of two jobs

Friday 8th June 2001

Fisher & Paykel's chief executive Gary Paykel said yesterday he had not decided which company to work for when it splits in two later this year.

"It's up to the board really to decide. Maybe I'll retire," Mr Paykel, who was honoured in the Queen's Birthday honours list this week, said.

"I've cut my teeth in whiteware but I've also been part of healthcare from day one," Mr Paykel said.

F&P is preparting to separate its whiteware and healthcare divisions and list the high-growth healthcare unit on the Nasdaq.

Shareholders will vote on the separation process at a shareholders' meeting expected to be held in the second half of September or in October 2001.

The company this week announced a reduced profit of $11 million for the year to the end of March, but the market accepted the result was affected by $64.2 million of unrealised foreign exchange losses and a $5.5 million writedown of its investment in retailer Hill & Stewart. Mr Paykel said it was not unusual for the company to help out its network of dealers but had not declared it before.

- Deborah Hill Cone

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