GPG taps investment banker to join board

Guinness Peat Group founder Sir Ron Brierley Photo / Greg Bowker

Guinness Peat Group, the investment company in the process of winding itself down, has tapped investment banker Scott Malcolm to join its board as a new independent director.

Malcolm is a partner at Sydney-based advisory firm Greenstone Partners, plugging the gap opened by ASB chairman Gavin Walker in July.

The group, founded by Ron Brierley, has been selling its assets after shareholders last year agreed to a plan that would return their funds.

Having sold its stake in fruit marketer Turners & Growers last month, its last New Zealand asset is a 35 per cent stake in insurer Tower.

"Scott brings wide-ranging experience to the GPG board during the implementation of its strategy to realise value," chairman Rob Campbell said in a statement.

Malcolm founded Greenstone Partners in 2003, having previously worked for Credit Suisse on a broad range of mergers and acquisitions.

The board has gone through several reshuffles in the past 18 months when it overhauled its governance in the face of a shareholder revolt. That included the departure of veterans Garry Weiss, Rob Langley and Tony Gibbs, and Brierley giving up the chair.

A batch of new blood was brought in to implement the exit strategy, including Mike Allen, Campbell and Mark Johnson. Johnson has since stepped down also.

The shares remain quoted at yesterday's closing price, 54.5 cents.