KEY POINTS:
Receiver John Waller, ex-Tower chief executive Keith Taylor and barrister Philippa Greenwood have been appointed to the Takeovers Panel, while chairman John King steps down.
The three new members have each been appointed for five years and will maintain the size of the panel at 10 people after
the departure of chairman King and two others at the end of their terms.
King was the first chairman of the panel, which was formed in 1995, and will be replaced in March by deputy David Jones.
The panel wrote the Takeovers Code, which came into force in 2001.
"I'm very satisfied with the way the code has performed," King said.
"I think the code has achieved what we hoped it would achieve and I think the concept of having a panel drawn from the market to operate the code and enforce the code has also been, I think, successful."
Greenwood said she was excited about the challenge."It's an area that I work in and [I'm] looking forward to being part of the panel."
She is a corporate partner at law firm Russell McVeigh and a barrister and solicitor of the High Court. She has been a partner at corporate law firm Buddle Findlay and has worked for Linklaters & Paines in London and New York.
Waller has been a New Zealand partner in PricewaterhouseCoopers for 20 years, a Government-appointed statutory manager, a receiver and has worked as an independent financial adviser.
Taylor has more than two decades of business experience and has been both chief executive and chief financial officer at NZX-listed Tower.
Commerce Minister Lianne Dalziel thanked King for his contribution to the business regulatory environment "and in particular for his dedication to the development and implementation of the law covering takeovers".
Panel member Daphne Rawstorne has recently stepped down, while Anthony Frankham will leave shortly. Alastair Lawrence will take over the deputy chairman role in March.
The panel was established bythe Takeovers Act 1993 and is responsible for carrying out enforcement under the act and administrationof the Takeovers Code.
The act requires the panel to have not less than five and no more than 11 members who are appointed by the Governor-General on the recommendation of the Minister of Commerce.
Trio with plenty of experience
John Waller
* New Zealand partner in PricewaterhouseCoopers for 20 years.
* Has been a Government-appointed statutory manager.
* Receiver in a number of public companies.
* Worked as an independent financial adviser.
Keith Taylor
* Former CEO and CFO of Tower.
* Takeovers experience representing the acquirer and target.
* Consulting for the Reserve Bank and the Fijian Government.
* Appointed to Earthquake Commission board this year.
Philippa Greenwood
* High Court barrister and solicitor.
* Corporate partner at Russell McVeagh.
* Adviser to firms including Lion Nathan, Telecom, Auckland International Airport.
* Previously a partner at Buddle Findlay.