ASB chair quits GPG board

In what marks the latest in a string of board reshuffles, Guinness Peat Group has announced that Gavin Walker will be stepping down from his position as an independent director due to a conflict of interests, effective as of tomorrow.

Walker's resignation comes just 10 months after he joined GPG's board, when he and three other independent directors appointed to reappraise the underperforming investment holding company's strategy.

The group, founded by Ron Brierley, subsequently recommended the company sell down its assets, and return the proceeds to shareholders, which was approved on June 8.

Walker serves on the boards of Lion Nathan National Foods, the Guardians of the NZ Superannuation Fund, Commonwealth Securities Ltd., and is the chairman of ASB Bank, the local unit of Commonwealth Bank of Australia.

No details on the conflict of interest were given.

His departure marks the latest change to the company's board, after a number of GPG veterans stepped down, including Tony Gibbs, Rob Langley, and Gary Weiss, and a batch of new blood was appointed, including Mike Allen, Rob Campbell and Mark Johnson. Johnson has since stepped down also.

GPG is in the process of winding itself down after several years of lacklustre performance from threadmaker Coats, its biggest holding.

The investment company overhauled its governance after a shareholder revolt last year, with Brierley stepping down as chairman in December, and Sydney-based Gary Weiss relinquishing his seat at the board in April.

New Zealand-based Tony Gibbs departed during the stoush after a boardroom showdown over the future of GPG, while the last of Brierley's lieutenant's, Blake Nixon, gave up his executive role in May.

The shares fell 0.7 per cent to 72.5 cents in trading today.