PGG board includes founder's descendant

PGG Wrightson appointed three new directors last week, including prominent Christchurch businessman George Gould, a descendant of the founder of the original company.

Gould is the chairman and major shareholder of Christchurch investment company Gould Holdings.

He will be the second representative for Pyne Gould Corp on the PGG Wrightson board, filling a vacancy created when Sam Maling resigned in October.

As the former managing director of NZX-listed Pyne Gould Guinness, Gould led the merger of that company with former Dunedin rural servicing company Reid Farmers.

The other appointments come from Agria, PGG's major shareholder with 19 per cent of the company.

Alan Lai is chairman of Agria and Xie Tao is Agria's chief executive officer.

Agria is entitled to appoint two directors to the board. Lai has served as the chairman of Agria's board since June 2007.

He previously was co-chief executive to June 2008 and chief executive to September last year.

In 2002, Lai founded Ace Choice Management, a company that specialises in promoting business and investment activities between China and other countries.

He is the chairman of China Pipe Group, a Hong Kong-listed company that manufactures construction and energy-related pipes in Asia.

Tao was an adviser with PricewaterhouseCoopers for 20 years, where he led the firm's China market corporate finance practice and served on the governing board.

PGG also established a board subcommittee to be chaired by Sir Selwyn Cushing to consider the future composition of the board and the role of independent chairman.

- OTAGO DAILY TIMES