KEY POINTS:
Payback for a past attempt to get rid of Ngai Tahu leader Mark Solomon is how some iwi members are viewing Wally Stone's dismissal from the South Island tribe's commercial arm.
But Mr Solomon, who chairs Te Runanga o Ngai Tahu - the iwi's governing body - rejects the claim, saying Mr Stone's replacement is part of a new governance direction.
When Mr Stone was appointed chief executive of Ngai Tahu Holdings Corporation, the business was lumbering along. The fishing company was bleeding money and a shares deal was also dragging down the balance sheet.
In the 2005-06 financial year, the corporation made an $80.3 million surplus against $9.3 million the year before. Since then Mr Stone has overseen a period of growth which has seen the tribe's assets valued at $600 million.
In 2007, Mr Stone was given the job of cleaning up a toxic boardroom.
He was involved in an offer to buy out Mr Solomon's contract for $300,000 after three years of paralysis in tribal matters because of factions between those who supported Mr Solomon and those who bitterly opposed him.
Iwi leader Robin Wybrow said "rank-and-file" iwi members had not received any decent reason why the tribe's top business brain was suddenly replaced.
"That's the million-dollar question. Many of us have the utmost respect in his ability to navigate us through these stormy waters, but we've thrown him overboard. There's a groundswell of discontent over this I can tell you that.
"I can't help but feel that it's been driven by the politics of personality. From my perspective this just seems like another irrational decision and once again it's taken precedence over the welfare of the tribe. It's inexcusable."
Senior kaumatua said the decision beggared belief.
"He's done an extraordinary job of rebuilding Ngai Tahu from a very serious economic decline to a position of prominence. The worst thing is that decline was presided over by the very people who sacked him."
Mr Solomon said claims of personality politics were "nonsense".
"Well, to be blunt he was brought in about two and a half years ago at a particularly unstable time of the holdings corporation to settle things down and to consolidate the position. He has done a good job."
However, the organisation has been reviewing its "governance practices" and intends to table proposed changes in March, he said.
"It was a majority decision ... we wanted a new face and perspective."
Asked if he thought Mr Stone had been treated poorly by Ngai Tahu, Mr Solomon said "no".
Mr Stone was unable to be contacted last night. Linda Constable, a holdings corporation director, has been appointed Ngai Tahu Holdings Corporation interim chairwoman.
