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Renaissance's CEO Rendell accepts new position

Thursday 16th August 2012

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Renaissance Corp, which used to have a monopoly on New Zealand sales of Apple products, said chief executive Shaun Rendell will leave the company on Aug. 31 after accepting a position with another business.

Director Ron Halls will be acting CEO until a new appointment is made, chairman Colin Giffney said in a statement.

In July, Renaissance shareholders voted to sell its IT distribution division to Exeed Limited, halving the size of its balance sheet. Exeed took over the supply of Apple, Fuji, Cygnet, Belkin and Ozaki and acquired all the company's stock, valued at about $2.5 million. It paid $2.3 million in goodwill and about $570,000 for fixed assets.

Under the agreement Renaissance will exit the distribution business. It will be broken into two parts, a specialist Apple retailer Yoobee, and a specialist education institution Yoobee Design College, formerly known as Natcoll.

Shares in Renaissance are unchanged on 14 cents and have gained 53 percent so far this year.

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BusinessDesk.co.nz



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