Two set to step down as REL directors

Nigel Atherfold will join the Rural Equities board.

Two long-serving directors of Hastings-based farm investment company Rural Equities (REL) will retire.

Sir Ron Carter has been a director since 2004 and Andrew Train since 2009.

REL's executive chairman, David Cushing, said they will be missed.

"Both Sir Ron and Andrew have made excellent contributions to the group over many years," he said. "We wish them well for the future."

Joining the board is Christchurch-based Nigel Atherfold, who has more than 25 years' experience in banking and corporate finance.

He was a founding shareholder and director of Open Country Dairy, New Zealand's second biggest milk processor.

At the New Zealand Dairy Board he was corporate finance manager and treasury manager for what was known as New Zealand Milk, which was the value-added side of the board's business.

From July 1 the REL board will be comprised of Mr Atherfold, deputy chairman Rodger Finlay, Sir Selwyn and David Cushing.