Former Hanover Finance chairman Greg Muir will not seek re-election as a director of Pumpkin Patch Ltd at the company's annual meeting next week.
Some influential Pumpkin Patch shareholders wanted Mr Muir, who is Pumpkin Patch's chairman, removed from the board because of his role with failed finance company Hanover.
The SecuritiesCommission said yesterday that it will meet before Christmas to decide whether criminal charges will be laid against Hanover Finance.
Mr Muir has been chairman of Pumpkin Patch since it listed in 2004 and was standing for re-election at the annual meeting in Auckland on November 23. He was appointed chairman of Hanover in December 2005 and resigned in October 2008.
Mr Muir said it would appear that his leadership of the Pumpkin Patch board was drawing attention away from the business itself.
"Rather than allowing this to continue I have decided it would be in the best interests of the company for me not to seek re-election," he said.
"I am proud of Pumpkin Patch's achievements during my time as executive chairman and chairman of the board," Mr Muir said.
"Over this period the company has produced significant total market returns with turnover and earnings more than doubling.
"I have enjoyed contributing to this iconic New Zealand company and am particularly proud of its continued growth and development."
Mr Muir joined Pumpkin Patch in 2004 as executive chairman to assist the company in its listing on the New Zealand Stock Exchange and to lead the wholesale division through its early growth phase.
In 2008 he stood down from his executive role but remained chairman of the board of directors.
