Todd Corp deputy chairman Malcolm Whyte has retired after 30 years as a director of the holding company for New Zealand's wealthiest family.
Whyte, also a senior family director, has been involved with the Todd family businesses since 1963 and has served as a director since Todd Corp's incorporation in 1987, the company said. He will continue as chairman of the Todd Foundation.
Mike Todd, who has been director since 1996, has been appointed deputy chairman while Thomas Whyte, a Todd family member, will replace Malcolm Whyte on the board.
Todd Corp, named by Forbes magazine as New Zealand's first billion dollar turnover company, has extensive holdings in the oil and gas, commercial property and electricity sectors, having started life in 1885 as a wool-scouring business and morphed in the 1930's into vehicle assembly.
The Wellington-based business is closely held amongst the extended Todd family and Geoff Ricketts, who took the role of chairman in 2011 when John Todd retired, and is believed to be the first non-family member to chair its interests.