Cavalier chairman makes way for a younger man

By ELLEN READ

The co-founder of Cavalier Corporation, Tony Timpson, is to step down as the company's chairman in April next year.

He will be succeeded by current managing director Alan James.

Major Cavalier shareholder Timpson, 70, will remain on the company's board.

"Whilst I shall be delighted to remain a director, and will continue to take an active interest in company affairs, I think the time has come to hand over the chairmanship to a younger man, and I can think of none better than Alan James," he said.

Timpson and co-founder Grant Biel spent the 20 years from 1973 to 1993 building Cavalier up to become one of Australasia's most successful carpet manufacturers.

Chairman-in-waiting James said he remained committed to Cavalier and would not seek an executive role elsewhere.

Commenting on the structure of the Cavalier board in the context of the current NZSE draft guidelines on governance, he said the company would look to add independent directors next year.

"It may be seen that the Cavalier Board is overweight in directors deemed non-independent, especially with two major shareholders on the board, and an ex-CEO as chairman. However, the individuals concerned have a marvellous track record of success in the business, and have delivered outstanding shareholder returns," James said.

"The appropriate move for Cavalier will be to strengthen the level of independent representation on the board, and the directors will be taking steps to do that next year."