KEY POINTS:
Long-serving Contact director Tim Saunders is stepping down in June.
The company's chief executive David Baldwin and Christchurch accountant Sue Sheldon are being added to the board.
Saunders was a foundation director of Contact in 1995 and a former chairman of failed carpet maker, Feltex.
With four other former Feltex directors, Saunders is fighting criminal charges relating to public disclosures at the company which went into liquidation, leaving shareholders who had invested $254 million holding worthless stock.
Contact this month said it was confident the proceedings would not impinge on his ability to do his job as a Contact director.
The company's chairman Grant King said yesterday Saunders had made a "significant contribution" to the company over the course of his directorship which was one of high growth and change.
