NZ Automotive's boardroom rift started on July 17, when non-executive directors Charles Bolt, Tim Cook and Tracy Rowsell, as well as executive director, co-founder and 34.4 per cent shareholder Eugene Williams resigned as directors, citing "irreconcilable differences" with Sena, who holds 46 per cent.
The departing directors said they had worked constructively and effectively together to govern the company since needing to form a new board in April following the unexpected resignation of two other independent directors, Karl Smith and Michele Kernahan.
"However, there has been a fundamental breakdown of trust and confidence and irreconcilable differences have arisen between them and the remaining director and major shareholder David Sena regarding the way in which a publicly listed entity should be managed and governed," they said at the time.
Sena then nominated three candidates - Julian Davidson, Jason David Lewthwaite and Gordon Shaw for the board.
On July 20, Lewthwaite withdrew his consent to be nominated, leaving Davidson and Shaw.
Davidson withdrew his consent today.
The New Zealand Shareholders' Association last week raised concerns about the recent events at NZ Automotive and their impact on retail shareholders.
The association believed that minority shareholders were once again caught in the crossfire as a consequence of tensions between a board and a major shareholder.
The association did not offer any comment to the Herald on today's appointments.
In May, the company reported a fall in net profit to $2.6 million down from $3.2 million in the previous year, saying Covid restrictions had had a bigger impact on the company than in 2021.
On July 1 chief executive David Page tendered his resignation, effective from September 30.
The company debuted as a "direct" listing - no new securities were issued - on the NZX in February 2021.
The offer documents said NZ Automotive is an integrated automotive group operating throughout New Zealand via two subsidiaries: Automotive Retail and Vehicle Finance.
The retail company, 2 Cheap Cars, was founded in 2011 by Williams and Sena and had since grown to have an estimated 8 per cent market share of all imported used cars sold in New Zealand, generating $76 million of revenue in full-year 2020.
Shares in the company - which listed at $1.30 - fell sharply on news of the boardroom ructions, going from 65c to 44c.
They have since recovered to 52c.
