Purge of Tenon boardroom by Rubicon begins

The purge of the Tenon boardroom by majority shareholder Rubicon has begun.

Both camps were either not commenting, or not returning calls last night but the Herald understands the board met yesterday and decisions were made on several changes.

Rubicon made it clear last Friday when it won control of Tenon that there would be changes to the board.

The replacement of Sir Dryden Spring as chairman is expected. He was accused of making war by press statement by Rubicon supporter GPG during the takeover battle.

Speculation has focused on Tony Gibbs of Guinness Peat Group being installed as chairman today.

The bid by Rubicon to move from being a 19.9 per cent shareholder to 50.01 per cent had hung in the balance until the last day. Pam Graham