Michael Stiassny was yesterday named as the new chairman of the New Zealand Racing Board (NZRB) - the same day as he was given a vote of no confidence as chairman of energy company Vector.
Three independent directors of Vector yesterday resigned, citing concern with the governance of
the New Zealand company and the leadership of Stiassny.
The NZRB appointment was announced by Racing Minister Winston Peters who said Stiassny, an Auckland lawyer and accountant, would take up the position on January 1.
Stiassny replaces Warren Larsen who Peters said had lost the support of thoroughbred racing. NZRB also represents harness and greyhound racing in New Zealand.
Said Peters: "Given the importance of co-operation among the three codes, it is the right time to introduce a new chairman.
"Mr Stiassny will bring a fresh approach to the challenges facing the industry now and in the future.
"He has considerable leadership experience on the boards of a number of publicly listed companies, and is currently chairman of Vector, NGC Holdings and Metro Water.
"This is an important time for the racing industry. The benefits of the new tax regime are beginning to be felt, and it is vital the board, as the industry leader, shows the necessary leadership to unite the codes and see through initiatives that will further revitalise all forms of racing in New Zealand."
Meanwhile, board members Julie Crengle and Alan Jackson, whose current terms had expired, have been reappointed.
Their terms, and that of Stiassny's, expire on July 31, 2009.
The terms of the remaining board members, Warren Bell, Thayne Green, Ray O'Connor and Alistair Sutherland, expire on July 31, 2008.
- NZPA
