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Pumpkin Patch's Muir exits management role, remains chairman

Tuesday 14th October 2008

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Pumpkin Patch, the children's clothing chain, said chairman Greg Muir will exit his management role while remaining in charge of the board.

Muir is currently executive chairman, with responsibility for Pumpkin Patch's wholesale division. He will become a non-executive director starting Jan. 1 and remain as chairman. He will be replaced in whole by Neil Cowie, the company's chief operating officer, it said in a statement.

He was appointed to the executive role in 2004, when the company was listing on the NZX and expanding its wholesale business.

Pumpkin Patch shares rose 9.5% to NZ$1.15, paring their slump this year to 60%.

Last month, the retailer reported a 27.5% decline in full-year profit on losses in the US and UK, and lowered its final dividend.

It said trading conditions were likely to "remain very difficult in the US and UK and short-term earnings will continue to be impacted by those conditions." It also predicted a harder year in Australia and New Zealand.

The company last week said it would cut 30 head office workers as part of measures to trim costs.

By Jonathan Underhill

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