KEY POINTS:
Auckland International Airport chairman John Maasland quit before facing the prospect of being rolled by fellow directors at a board meeting today.
Maasland stepped down yesterday after a year as chairman and just a week after the company's annual meeting, where three new board members were elected.
Veteran airport director Tony Frankham was yesterday unanimously elected chairman after fellow board members had been contacted during the day and canvassed for their support in the event of Maasland's resignation.
Director Keith Turner was elected deputy chairman in the dramatic shake-up on the eve of the new board's first meeting today.
Maasland said he was strongly identified as a part of the old board, which had been criticised for the way it had handled takeover offers from Dubai and Canadian interests.
"I've been thinking about stepping down - it was a matter of when, rather than if, and the when made sense at this point - it's a new board, it's better for them to start off with a new structure.
"They were happy to see me go and at the same time I'm happy to go - I guess it's a meeting of minds in that respect."
He wished the board all the best and said he would watch their progress with interest.
Frankham, 67, said the transfer of the chairmanship had been without "histrionics".
"It's been pretty amicable and the communication's been good. Somebody who takes on a position and sees the tide changing, then there's always disappointment."
Three new directors, Infratil chief executive Lloyd Morrison, Auckland City Council nominee Richard Didsbury and Manukau City nominee John Brabazon, were elected last week to fill gaps on the board. An incumbent director, Joan Withers, was also re-elected.
A former director and Maasland ally, Mike Smith, said the resignation was unfortunate.
"It's looking more and more like the Lloyd Morrison show to me. It's disappointing for the company, but that's commercial life. I just hope they don't lose sight of the fact that they have a partial takeover bid in front of them and there is a question of shareholder value to be addressed."
Smith said that with Maasland's departure the dynamics would be very different "and I'm quite pleased I'm not there".
Morrison did not return calls last night.
Frankham said he was surprised Smith had expressed the view about Morrison.
"He was on the board for 10 years with me and he knows that I'm my own man and I'm not Lloyd's man."
Frankham said he held Morrison in high regard as a businessman with expertise in airports. "Whether or not Lloyd's views as a director will coincide with every one else's remains to be seen. And remember - he's only one of six."
Auckland Airport is the subject of a $3.66 a share cash bid by the Canada Pension Plan Investment Board (CPPIB), which was previously spurned by the airport's directors.
The board earlier this year recommended accepting an offer from Dubai Aerospace Enterprise, but DAE subsequently withdrew its offer. It rejected an amalgamation proposal put forward by CPPIB.
Frankham, who will be paid $180,000 as chairman, said Auckland Airport's board inevitably appeared "somewhat defensive" in the face of the proposal because of the constraints of the Takeovers Code and ahead of an analysis on whether to support it.
Maasland said he was personally happy for someone younger to take over. "That's not to say I couldn't have done it, but I think it's better that someone else can take the consensus going forward and doesn't quite have some of the baggage that I may have in terms of the other bids."
Maasland, whose other appointments include chairman of Radio Network, director of Herald publisher APN News & Media, Delegats Group and Woosh Wireless, was looking forward to a more restful Christmas.
"I have to say that the past eight or nine months have been somewhat busy, challenging and demanding . I'd got to the age and stage where I'd like to be a little less loaded."
Auckland Airport shares closed unchanged yesterday at $2.95.
Turbulence at the top
YESTERDAY
* John Maasland quits board of Auckland International Airport.
* Board backs Tony Frankham to take over.
TODAY
* New board meets for first time.
