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PGG Wrightson managing director resigns

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, Oct 19 NZPA - PGG Wrightson managing director Tim Miles is resigning from the position, effective immediately.

Company chairman Sir John Anderson that under PGG Wrightson's new strategy and environment it was apparent that the role of managing director would be different to that envisaged when Mr Miles joined the company in early 2008.

Accordingly, Mr Miles and the board had agreed it was an appropriate time for a change.

Recently PGG Wrightson announced a new business model and direction underpinned by the establishment of two operating divisions.

Mr Miles had led the company through restructuring after the global financial crisis. That had included strengthening the balance sheet, the introduction of new shareholders and a refreshed board, and delivery of last year's results in line with prospective financial information, Sir John said today.

A process to identify a replacement would start soon. In the interim the senior management team would work closely with himself and the board.

PGG Wrightson shares were down 3c to 56c in late morning trade.

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