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Hellaby Holdings has appointed a new managing director with an industrial background, adding to expectations it will walk away from the retail sector.
Hellaby Holdings director and shareholder John Williamson will take over as managing director from Monday. He replaces David Houldsworth who will stay on to complete the company review of its retail shoe chains Hannahs and No 1 Shoe Warehouse - a process that followed shareholder concerns about volatility to the investment firm.
Williamson has been general manager of The Hume Group as well as holding positions with Fletcher Challenge. He has also focused on his own investments and had been involved in business turnarounds, Hellaby Holdings said.
Williamson, 43, was appointed to Hellaby Holdings board of directors in 2005 and owns 2.3 per cent of its shares.
"But you should not draw any conclusions from John's background and prospects for the company divesting from retail," said chairman Bill Falconer. He had also held the general manager position at Bendon.
"If we trade on [in retail] John has the experience. We've had a good run from the shoe business," said Falconer.
Earlier this year Hellaby faced strong shareholder concerns about the volatility of the retail sector on the company that traditionally had been focused on industrial investments.
Asked whether Williamson as a board member had raised specific concerns about the retail business, Falconer said that "all the board" thought Hellaby was an investment firm whose shareholders expected returns.
"The volatility in both Rodd & Gunn [which has been sold] and footware is acceptable in the medium term but is not consistent with the returns we can make as an industrial business," he said.
