Old guard ousted at Designer Textiles

By DITA DE BONI

Auckland-based manufacturer Designer Textiles has a new chairman and top management after a clean-out at a board meeting.

The Gould family trust, of Christchurch, which made a lightning raid on Designer Textiles' share register late last year, has put George Gould at the helm.

Executive chairman Kerry Harding, who has been with the company and its predecessors for 30 years, will step down to pursue his own interests.

Also gone are directors John Lindsay and Terry Iggo, who resigned at this week's meeting. Mr Iggo's resignation came after ructions between the incoming corporate raiders and Designer Textiles' old guard.

A former Brierley Investments executive and managing director of clothing company LWR in the 1990s, Mr Iggo was almost voted off the board at Designer's annual meeting in November.

Neither he nor Mr Harding were available for comment last night.

Also under review at the November meeting was the directorship of Craig Thompson, another former Brierley man.

Mr Thompson has survived to be part of Designer's new three-strong board.

He joins Philip Moller, previously Designer's chief operating officer, who becomes chief executive.

Mr Moller came from Mollers Textiles, which was bought by Designer in 1999 for $10.2 million.

Mr Gould said the changing of the guard was a "natural evolution" and there was no ill-feeling involved.

"Kerry's contribution to the company and to the textile sector in New Zealand has been substantial," he said, referring to Mr Harding's work within the Apparel and Textile Federation.

He said Designer's new board had been set up with "a strong foundation and good continuity of skills."

There would not be a dramatic change in company direction.

"We are always looking for further opportunities, but for the meantime the focus is on current activities and how to improve them."

The board is hoping to reverse last year's post-tax loss of $121,000.

The company's share price has fallen steadily in the past eight years.

On listing in 1993, shares hit $2.20 but dropped as low as 20c last year.

The stock has since rebounded as a result of Gould family interest and yesterday closed at 31c.