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Gary Paykel Steps Down As Chairman Of Fisher & Paykel Appliances

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, Nov 26 NZPA - Fisher & Paykel Appliances Holdings Ltd said Gary Paykel has decided to stand down as chairman and will be replaced Ralph Waters.

Mr Waters, a former Fletcher Building Ltd chief executive, does not expect his appointment to be long term. He will remain in the role until a number of key decisions, including the chief executive appointment and board refreshment were completed and the company was on a more stable footing.

Mr Paykel, 67, will continue as a director.

He had decided the time was now right to step down after the introduction of Chinese company Haier as a cornerstone shareholder and after the company had completed its capital raising this year.

Mr Paykel joined Fisher & Paykel Industries in 1960 and has held a number of roles at the company, which is noted for its innovative technology.

The company traces its history back to the 1930s and was founded by Maurice Paykel and Sir Wool Fisher.

Gary Paykel has also served as a director of Team New Zealand Ltd since March 2004 and is a Companion of the New Zealand Order of Merit.

He became chairman in 2001 and had earlier indicated an intention to retire no later than August 2012.

The board is still considering who will replace John Bongard as chief executive.

Mr Waters said that beyond resolving the leadership in the very short term, the major challenge for the company within its control was to lift production rates in the Thailand and Mexico factories.

The major issues outside of the company's control were a recovery in the US market, which at this stage is still not in evidence, and the early signs of rises in material prices.

The company was addressing these issues and had formulated plans to deal with them and progress was encouraging.

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