Andrew Kirton is leaving Air New Zealand. Photo / Audrey Young
Andrew Kirton is leaving Air New Zealand. Photo / Audrey Young
THE INSIDER
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Air NZ loses another one
Air New Zealand corporate affairs supremo Andrew Kirton - a key figure in managing the airline's relationship with the Beehive - has set up his own government relationsconsultancy.
The former general secretary of the Labour Party who managed the 2017 campaign, has retained his airline title but has worked out a deal where his Kirton Consulting can pick up other clients.
The relationship between the airline and the Government is at a sensitive stage. It owns 52 per cent of the airline, has provided a $900 million backstop loan and will be intensely interested in a planned capital raise in the first half of 2021.
Besides being behind an architect of the 2017 election surge, Kirton is seen as having an extremely safe pair of hands and his deep connections to Labour will be critical for the airline — and what he will hope will be others wanting an entree to Government circles.
During the pandemic there is a growing list now that business has woken up to the power of the Beehive and finance minister Grant Robertson's chequebook.
Kirton's Labour connections have got deeper still. His wife Camilla Belich entered Parliament on the Labour list this year after she stood in the Act stronghold of Epsom and had the distinction of beating National's Paul Goldsmith in the candidate vote.
An employment lawyer, her maiden speech yesterday earned praise from Prime Minister Jacinda Ardern on Instagram.
A rudderless fund?
To lose one chief executive might be considered unfortunate. To lose a chief executive, an acting chief executive, a chair, a director and a replacement chief executive - all in just over seven months - looks troubled.
On Thursday the Ministry of Business, Innovation and Employment (MBIE) announced that its former chief executive, David Smol, as the new chairman of New Zealand Growth Capital Partners (NZGCP) with immediate effect.
He has quite a job on his hands. NZGCP initially refused to say who is currently running the fund or whether Daria Murray, who was supposed to become its chief executive at the end of October, is going to take up the role at all.
Then late yesterday, a spokesman issued a statement simply saying:
"Unfortunately Daria has decided not to take up the role of CEO of NZGCP."
New NZ Growth Capital Partners chief executive Daria Murray. Photo/Supplied
Murray was announced as the fund's chief executive at the end of September. Since then the fund has gone quiet with stakeholders and her employment seems up in the air.
The New Zealand Superannuation Fund, which after considerable resistance was convinced to act as a vehicle for an extra $300 million investment in NZGCP, has confirmed it was not consulted on Murray's appointment.
A spokesman for NZ Super refused to comment on the nature of its agreement with NZGCP (it never comments on its contracts with any party), one would assume it includes a clause requiring it to be kept abreast of key appointments, such as a new chief executive.
Given Murray worked briefly at the Super Fund in 2015, it is extra perplexing that it was not advised.
It is not the first change in personnel since Parker's push to beef up the fund.
In April, chairman Murray Gribben confirmed that former chief executive Richard Dellabarca was the subject of an investigation. While the complaint which gave rise to the investigation was not upheld, Dellabarca left suddenly in August, with NZGCP reportedly undertaking a bullying investigation. In April, director Richard Hughes also quit.
Richard Dellabarca
Gribben stepped in as acting chief executive, a role he has since given up. MBIE has confirmed that Gribben has indicated he will be stepping down as a director "once the current appointment process is complete".
Debbie Birch, whose other board roles include Tourism Holdings and White island Tours, became acting chair when Gribben took on executive duties, announcing Murray's appointment. She reverted to being a director of NZGCP on Thursday upon Smol's appointment.
MBIE spokesman Michael Bird thanked Birch for her work during an "important period of transition for the organisation".
Ben Cook's Cavalier move
Wealthy property investor Ben Cook is in deal making mode, recently inking an agreement to buy Cavalier Corporation's South Auckland manufacturing plant for $25.5m in a sale and leaseback arrangement.
Asked about the property, Cook told the Herald he had a couple of deals on the go but they were subject to "draconian confidentiality clauses".
Cavalier this week revealed Cook's interest in the building through his company Manukau Industrial Holdings (MIH) in the carpet company's notice of annual meeting, at which shareholders are being to vote on the transaction. The virtual meeting is set down for December 23.
Shareholders may be inclined to ask what plans Cook has for the property. The Insider understands Cook may look to on-sell the 20,363 square metre site to another buyer.
Ben Cook founder of Cook Property Group. Picture Supplied
In any event, Cook is a firmer prospect than the previous "buyer" – Kinleith Land and Investment – which failed to settle an earlier agreement.
The new settlement date is 10 working days following shareholder approval, which would be January 19 considering the Christmas block out period.
The initial term of the leaseback is 14 years plus one right of renewal of six years, with initial net rent of $1.6m per annum and a 2.5 per cent increase each year.
Cavalier intends using the sale proceeds to fund its transformation to an all-wool and natural materials business model.
Ben Cook's other recent acquisitions include The Gables site on the corner of Kelmarna Ave and Jervois Rd in Auckland's Herne Bay.
