Farmers' execs shift to PRG

By Phil Boeyen, ShareChat Business News Editor

Friday 23rd November 2001

Retail business Pacific Retail Group (NZSE: PRG) has snapped up two top managers from rival department store chain Farmers to head two of its divisions.

PRG, which is majority owned by Cullen Investments, has appointed Brent Powell as general manager information systems and Mike Good as general manager new business.

Both executives move to the company from Farmers, which is owned by Perth-based retail group, Foodland Associated (NZSE: FAL).

Mr Powell has also previously worked with British Airways and Marks & Spencer and will be responsible in his new role for PRG's information technology strategic plan. Mr Good will focus on identifying new product categories/services to grow the overall business.

Peter Halkett, CEO of Pacific Retail Group, says the company has set out to create a high-performance organisation that attracts quality people.

"We're thrilled that Mike and Brent have chosen to further their careers with PRG," he says.

PRG has launched a new generation computer retail chain called Big Byte to replace its stand-alone Computer City stores and is also expanding its lifestyle business, Living & Giving.

The company has recently been the target of a takeover bid by Cullen Investments subsidiary Logan Corp, which has increased its stake by 10% to 71.4% on a fully diluted basis.

However the full Logan bid was stymied after an appraisal report claimed the bid price of $1.76 was well below its estimated value of $2.54 per share.

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