Vector's board is back to full strength with the appointment of three new directors yesterday, five months after three directors quit declaring a lack of confidence in chairman Michael Stiassny.
But chief financial officer Peter Fredricson resigned from the NZX-listed company after four years.
"Peter is leaving to
consider his next career move and which oppor-tunities he wishes to pursue," a company statement said.
NM Rothschild & Sons managing director Peter Bird, Foodstuffs managing director Tony Carter and former Fletcher Challenge chief executive Hugh Fletcher were all appointed as independent directors yesterday.
"The appointments follow the appointment in March of Alison Paterson and restore the board toits full strength," Stiassny said. "They also bring a rich mix of talent,expertise and skill to the boardtable."
Forsyth Barr analyst Greg Main said the new appointments looked like a positive move with a good mix of experience.
"The perception is that it's an infrastructure business but it is actually obviously a bit more dynamic than the old utility used to be."
However, the new arrivals did not put to rest the shock walkout by former directors Tony Gibbs, Greg Muir and John Goulter - citing concerns about governance and Stiassny - in December, Main said.
"They've got to see if they can make it work, both from the existing people that are on the board of the company and the new directors."
People still wanted assurances about governance, Main said, and the new board members needed to be mindful of minority shareholders' interests and not just those of majority stakeholder the Auckland Energy Consumer Trust.
NEW FACES
Vector's new independent directors are:
*Hugh Fletcher:
Former Fletcher Challenge chief executive.
Reserve Bank board member.
Chancellor of the University of Auckland.
* Peter Bird:
NM Rothschild & Sons managing director.
Advised on gas and electricity regulation.
Advised the Treasury on the privatisation of Contact Energy.
* Tony Carter:
Foodstuffs (NZ) managing director.
