KEY POINTS:
Hellaby Holdings chief executive David Houldsworth has notified the company that he intends to resign during the next few months.
"After almost 10 years as CEO of Hellaby Holdings I have concluded that, as the company is at the threshold of a new growth phase, it is an appropriate time for me to pursue personal and other business interests," he said today.
"This will allow the company to appoint a new CEO to guide this new phase of its development.
"As there are a number of unfinished projects under way I have agreed with the board to see these through to fruition in association with the new CEO when appointed," Mr Houldsworth said.
Hellaby chairman Bill Falconer said the search process to find a successor had started.
Until an appointment was made Mr Houldsworth would continue in his position.
Mr Houldsworth had also agreed to remain available to the company to help complete projects the company was now engaged in.
Among Hellaby's subsidiaries are shoe retailers No 1 Shoes and Hannahs, as well as the BBQ Factory, and vehicle parts importer and distributor Brake & Transmission.
At the beginning of May Hellaby announced it had initiated a strategic review of the footwear businesses, and was considering a number of alternatives to create additional value from them.
Last week it issued a profit warning, saying annual profit would fall by a third due to a disappointing performance from its industrial and automotive assets.
Hellaby said it expected annual net profit of between $12 million and $13 million, down from last year's $18 million, as it had not seen the hoped for recovery in second-half earnings.
- NZPA
