Pumpkin Patch chief to chair Hanover

Greg Muir

Pumpkin Patch executive chairman Greg Muir has taken the chair at Hanover, the financial services group owned by high-profile businessmen Eric Watson and Mark Hotchin.

Muir, also a director of power company Vector, is taking the role of chairman as part of a move to strengthen Hanover's corporate governance.

During the past year-and-a-half, the company's key financial services divisions have been given boards with three independent directors and three company executives or shareholders.

Muir replaces Hotchin, who wants to focus on his family and wider business opportunities, including Hanover's international interests.

Hotchin said the move did not imply a plan to float Hanover on the stock exchange. "If you follow where public opinion is going it is all about appearance and disclosure," Hotchin said. "His [Muir's] appointment will coincide neatly with the next big phase of Hanover's expansion."

The company expects to lift its assets from $1.75 billion to $2 billion by June 30, 2006.

Muir said the often negative publicity Watson attracted had not figured in his decision to take the role.