KEY POINTS:
Energy networks company Vector has brought in some business heavyweights to return its board to full strength, after the shock resignations of three independent directors in December.
The new independent directors are Hugh Fletcher, Tony Carter and Peter Bird.
Mr Fletcher was a former chief executive of Fletcher Challenge, and is on the boards of the Reserve Bank and Fletcher Building. He chairs IAG New Zealand and is Chancellor of The University of Auckland.
Mr Carter is managing director of supermarket co-operative Foodstuffs, while Mr Bird is a managing director with NM Rothschild & Sons.
Vector chairman Michael Stiassny said Mr Bird would be able to offer a strong international perspective.
He had advised on regulatory issues in the electricity and gas sectors in a broad range of countries, including advising the New Zealand Treasury on the privatisation of Contact Energy.
The three directors who abruptly resigned in December, also prominent businessmen, were Tony Gibbs of Guinness Peat Group, Pumpkin Patch chief executive Greg Muir and John Goulter, former managing director of Auckland Airport.
They said they took the action because of concern with the governance of the company and they expressed no confidence in the leadership of Mr Stiassny.
The latest appointments follow that in March of Abano Healthcare chairwoman and Reserve Bank deputy chairwoman Alison Paterson.
Today Mr Stiassny said the latest appointments restored the Vector board to its full strength.
Vector shares were down 1c in morning trade today to $2.93, having ranged between $3 and $2.11 in the past year.
Vector also announced today chief financial officer Peter Fredricson had resigned and would leave today after four years of service.
The company said Mr Fredricson was leaving to consider his next career move.
- NZPA
