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Selwyn Cushing hands Rural Equities reins to son, says he isn't 'retiring'

Tuesday 29th November 2011

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Rural Equities chairman Selwyn Cushing is handing over the role to his son David, though he says the move doesn’t signal the corporate veteran is being put out to pasture.

The Cushings’ investment vehicle, H&G Ltd., own about 50 percent of Rural Equities, which has investments in dairy, sheep and beef farms and forests. Its shares trade on the Unlisted platform.

“I’m not a 100 yet. I think I still have the sharpness of mind to carry on,” Selwyn Cushing told BusinessDesk. “It’s no palace revolution,” and it is certainly not an “instant exit,” but it is time David and his team stepped up, he said.

Deputy Chairman Murray Gough is also stepping down. Both Cushing senior and Gough will remain as directors. The changes come into effect on Jan. 1, 2012.

The shares last traded on Nov. 24 at $3, valuing the company at $120 million.

H&G’s recent investment forays include taking a 17 percent holding in upscale Wellington department store and office building owner Kirkcaldie & Stains.

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