Dave Taylor steps down after 8 years as CEO of Steel & Tube

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.

(BusinessDesk)

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.

Printable version

Related News

Powerhouse plans to sell down Invert Robotics stake for $1.3 mln
UPDATE: Economists unimpressed as GDP growth comes in as expected
Chorus plans underwrite for dividend reinvestment programme
NZ net migration up in August, immigration outpaces New Zealanders leaving
UPDATE: Fletcher HR boss Kate Daly jumps ship to BNZ; quarry workers strike
Restaurant Brands second-quarter sales jump 41% on overseas expansion
CBA sells CommInsure, Sovereign to AIA Group for A$3.8 billion
NZ's economy expands 0.8% in 2Q on export, domestic demand
September 21st Morning Report
Fletcher HR, comms boss Kate Daly jumps ship to BNZ; quarry workers strike