Wednesday 18th January 2017
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Liz Coutts has taken over as chair of industrial rubber goods maker Skellerup Holdings, with Selwyn Cushing stepping down after 10 years in the role.
Coutts has been on the board since 2002 and chairs Skellerup's audit and risk management committee. She is also chair of Oceania Healthcare, Ports of Auckland and fishing company Urwin & Co, and is a director of Ebos Group, Sanford, Yellow Pages and Tennis Auckland.
Cushing remains one of the company's six directors and Skellerup's largest shareholder, Coutts said.
"Selwyn has been an outstanding chairman," Coutts said. "Under his leadership, Skellerup has greatly improved its performance to deliver shareholders consistent financial results, a robust financial position and increased dividends. His are big shoes to fill."
In October last year, Skellerup said it expected annual profit to rise as much as 7 percent to between $20 million and $22 million, recovering from the prior year's decline, as it put greater emphasis on potable water applications and food safety.
Skellerup's 2016 earnings were hit by a downturn in demand from its agricultural business, which provides rubber products to the dairy industry, as weak milk prices prompted the postponement of some spending.
The shares last traded at $1.55 and have gained 8.4 percent in the past year.
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