Wednesday 13th September 2017
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Steel & Tube Holdings chief executive Dave Taylor has resigned and will leave next week after eight years running the listed steel building supplies company.
In a brief statement, chair Susan Paterson said the company is finalising interim arrangements and has begun the process of appointing a new CEO. She thanked Taylor for his "lengthy and significant contribution to the company."
“Now is the right time to step down to enable me to focus on other interests,” Taylor said in a statement.
Taylor took over as CEO from Nick Calavrias, a 19-year veteran of the company, in October 2009. Since then the shares have fallen 27 percent while the NZX 50 Index has climbed 147 percent.
Last month Wellington-based Steel & Tube posted a 22 percent decline in full-year profit reflecting year-earlier gains from property sales that weren't repeated and a business performance it said had missed its own expectations.
Steel & Tube has undertaken an $80 million acquisition programme over the last four years, widening the scope of its business, while adding to costs and working capital. Last month the company said cost management continued to be a focus, with further overhead cost savings expected in 2018. Last December, the Commerce Commission said it would prosecute Steel & Tube and two other companies after an investigation into seismic steel mesh that the regulator alleges was misrepresented as complying with New Zealand standards.
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