The Stewart family says its goodbyes to PDL

By Chris Hutching

Friday 12th October 2001

CIAO BABY: Mark Stewart's wife was enamoured enough with this NBR Shoeshine caricature to buy the original

The Stewart family of Christchurch cut its last links to PDL Industries with a farewell presentation by outgoing chief executive Mark Stewart.

He will be spending the next few months dealing with family affairs, notably where and how to invest $90-odd million gleaned from the sale of the family's shares to the new owner of the company, Schneider.

Mr Stewart, 39, gave an entertaining and humorous account of his life with PDL to about 40 assembled guests and other members of the family, including 87-year-old Sir Robertson Stewart and his wife, Adrienne, Lady Stewart. Sir Robertson, the founder president, has maintained his involvement at PDL on a frequent and sometimes daily basis until recently.

Mr Stewart's address was accompanied by a slideshow of photos taken at various times and locations during his career. Notable events caught on camera included one of his trips to Italy where he met his wife, Elizabetta, and the purchase of a Porsche car that he acknowledged he once unadvisedly drove to a shareholders' meeting being held at a time when company fortunes were at a low ebb.

Other personal photos documented various acquisitions and factory closures and the corporate jet he sold on appointment as chief executive four years ago.

As a finale Mr Stewart paid tribute to The National Business Review's Shoeshine column of November 17, 2000, and the caricature by cartoonist Trace Hodgson that staff members took pleasure in greeting him with on arrival at work that day.

Subsequently his wife arranged to buy the original and had it framed.

Several guests commented on the uncanny accuracy of the Shoeshine forecasts that outlined the expected path taken by PDL beginning with the "night of the long knives," which involved the dispatch of 20 mostly long-serving executives and directors, including managing director Don Sollitt.

This was followed by would-be saviour Mr Stewart taking over the helm but facing big restructuring challenges offset by low debt and a strategy focusing on research and development of high-tech electrical and electronic products.

The restructuring involved the sale of PDL's plastics division for $25 million, outsourcing of Australian distribution and some manufacturing rationalisation.

But the big lift in the company share price was driven by a takeover battle earlier this year between long-time rival Clipsal and ultimately successful French-based Schneider, which provided the Stewarts with their exit from the electronics empire founded by Sir Robertson in the late 1940s.

Mr Stewart paid tribute to older brother Robert, who owns Skope Industries, for his daily advice during the takeover chess game.

The new man in charge PDL (soon to be renamed Schneider) is chairman Harry Hallawell, who praised Mr Stewart's professionalism in helping with a smooth transition in merging the operations of the two companies. He also took the opportunity to explain Schneider was selling the electrical and plumbing sales division Mastertrade because the company wished to avoid any competition with its distributors.

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