GPG names four new directors in boardroom shakeup

The departure of Tony Gibbs (pictured) prompted the latest GPG boardroom shakeup. Photo / Paul Estcourt

Guinness Peat Group has named four independent directors in a boardroom shakeup aimed at reappraising strategy at the under-performing investment company.

GPG has expanded its board to seven, while director Ron Langley has resigned, following the departure of high-profile New Zealand-based board member Tony Gibbs in a public spat over options for restoring value to the company.

Its shares, which last traded at 66 cents, were as high as $1.80 in mid-2006.

The four new hires, Mike Allen, Rob Campbell, Mark Johnson and Gavin Walker, will sit on an independent sub-committee to evaluate strategic options for the company. The move comes in the wake of GPG's announcement on August 28 that it will close its New Zealand office, saying the nation holds "little or no opportunities" for the investment company.

"The new independent, non-executive directors appointed today are of the highest calibre and add significant depth and strength to the GPG board," said GPG chairman Ron Brierley.

Mike Allen is chairman of PGG Wrightson Finance, and serves as a director of Breakwater Ltd., Hirst NZ Ltd., Tainui Group and NZ Windfarms Ltd. Rob Campbell is a director and investment committee chair of Accidents Compensation Corp., and a director and audit and risk committee member of Aquasure Ltd.

Mark Johnson was previously the deputy chairman of Macquarie Bank, and is the chairman of AGL Energy and a non-executive director of the Westfield Group. Gavin Walker is a director of the Guardians of New Zealand Superannuation Fund, ASB Bank, ASB Life and Lion Nathan National Foods Ltd.