KEY POINTS:
Lines company Vector, rocked in December by the mass resignation of all three of its independent directors, said today it had found a replacement for one of those.
Alison Paterson, chair of Abano Healthcare and deputy chair of the Reserve Bank, was appointed to the board, Vector chairman Michael Stiassny announced today.
The three who abruptly resigned said they did so because of concern with the governance of the company and they expressed no confidence in the leadership of Mr Stiassny.
They are among New Zealand's most prominent businessmen -- Tony Gibbs of Guinness Peat Group, Pumpkin Patch chief executive Greg Muir and John Goulter, former managing director of Auckland Airport.
Mr Stiassny said the board welcomed the appointment of someone of Mrs Paterson's calibre and, in particular, her expertise in corporate governance and audit matters.
"Mrs Paterson has been appointed to fill a casual vacancy arising from the resignations of three directors last year and it is anticipated that she will be appointed to the vacant position of chair of the audit committee."
She is also a director of Auckland city water company Metrowater Ltd.
Mr Stiassny said he was pleased that the review of Vector's governance arrangements now cleared the way for Vector to move forward.
"The company has put the board instability behind it and the new board looks forward to focussing on the commercial progress of the company in 2007."
Vector shares, which plunged around 9 per cent on the news of directors' resignations, were today unchanged on $2.77.
- NZPA
