Mainzeal CEO steps down

Mainzeal chief executive Neil Ranford has stepped down from the company following a major restructure by its Bermuda-based parent Richina Pacific.

Richina announced on Friday it was merging the troubled construction and property company into Richina Land.

Mr Ranford, who has been at the Mainzeal helm for six years, was retiring immediately, Richina said, although he would continue with the company on a consulting basis.

Richina said Mr Ranford recognised that any new position in the larger Richina Land division would require a longer term commitment than he was willing to provide.

Mainzeal is struggling under the weight of two major Auckland projects, the Scene One, Two and Three apartment developments in the central business district, and 12,200 seat indoor events centre, the Vector Arena, in Quay Park.

The company has gone into damage control, with Richina chief executive Richard Yan taking over the position of chief executive of Richina Land and relocating to Auckland to oversee the developments.

- NZPA