NPT boss Kerry Hitchcock quits 'to pursue his own interests'

Wednesday 9th March 2016

Listed property investor NPT's managing director Kerry Hitchcock has left the company effective from yesterday "to pursue his own interests."

In a brief statement to the NZX, the Auckland-based company said Hitchcock resigned from both the board and as an employee effective from March 8, with the reason given "to pursue his own interests". Hitchcock has been a director of the company since its was corporatised in 2011, and had been on the board of its earlier entity when it was a unit trust, known as National Property Trust, since 2009.

Hitchcock was appointed acting chief executive in May 2011 and was managing director since May 2013.

NPT has been going through a period of change with independent director Tony McNeil leaving the board last month after almost five years, and former First NZ Capital research analyst Stephen Reid appointed chief financial officer in November. Former Ernst & Young partner Carol Campbell joined the board in May last year.

The property investor has been focusing on its Eastgate Shopping Mall in Christchurch, and has previously said it was keen on expanding its portfolio of five properties worth $163 million as at Sept. 30.

The shares last traded at 64 cents, and have gained from when Hitchcock was appointed as acting CEO in 2011.

BusinessDesk.co.nz

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