By SIMON HENDERY
Relentless philanthropist Stephen Tindall is stepping back from his retailing empire so he can spend more time saving New Zealand.
Giving up his job as managing director of The Warehouse will allow him to focus more on the Tindall Foundation charitable trust and his private "innovation investment" scheme.
He will initially continue to devote two or three days a week to Warehouse business and will remain on the board, but says he does not intend seeking the chairman's role.
The Tindall Foundation is financed by the 23 per cent Warehouse shareholding he and wife Margaret donated six years ago.
That stake is worth $360 million at today's share price. Last year, the foundation gave away $7.4 million earned in dividends.
Its stated aim is to "improve the overall quality of life for New Zealanders" and its philosophy is to "provide a hand up, not a handout."
Quitting his day job will allow Mr Tindall to spend more time doing what he does well: pressing the flesh with potential donors, mentoring and brainstorming through the raft of environmental, employment and family-based organisations and committees that are his passion.
It will also allow him to focus on his private business incubation investment schemes.
"There is an enormous opportunity in New Zealand to develop great innovative ideas into great businesses," he says.
"Unfortunately, where we've been falling down is that we haven't had enough expertise in management and mentoring horsepower to help the people who come up with these ideas. Secondly, there hasn't been enough seed fund money to help them develop them."
Venture capital funds he has a hand in include No 8 Ventures, New Zealand Seed Fund, and the Telecom-backed TMT Ventures.
He also has stakes in - and high hopes for - a number of innovative technology projects around the country.
Among them is a hand-held device called U-Clic, developed by Hamilton inventor and entrepreneur Peter Witehira.
U-Clic allows consumers to order products advertised on radio, television or in print.
Tindall has no qualms about choosing to invest his wealth in the high-risk venture capital arena.
"I have no doubt that if I'd invested overseas I could have done better, but I'm not into that. I want to try to help New Zealand.
"I think if I placed a correct valuation on these companies, if I wanted to sell out, I'd be well in the black. But that's not the way I'm looking at it."
It is unlikely Mr Tindall will miss the $480,000 pay package he received as managing director last year. He owns 29 per cent of The Warehouse, a stake worth more than $450 million.
Tindall finds more time to save NZ
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