Turners & Growers (T&G) has a new chairman following Tony Gibbs' resignation from the Board, which is effective today (Wednesday 20 April).
Rob Campbell, who recently took over as chairman of T&G’s parent company Guinness Peat Group (GPG), will take up the same position for T&G with effect from Thursday 21 April.
Under Mr Gibbs' 16-year tenure, Mr Campbell said that T&G had grown from “a domestic fruit and produce seller to a significant player in the international fresh produce industry”.
He added that Mr Gibbs would continue to work with T&G in an advisory capacity on kiwifruit regulatory issues, as the company proceeds with its campaign to break up New Zealand’s single-desk kiwifruit export system.
Mr Campbell, an experienced practitioner in investment management and corporate governance, takes the helm of T&G following parent company GPG's announcement earlier this year that GPG would be steadily wound down and its assets sold.
The announcement of Mr Campbell's appointment comes a day after T&G’s statement that it has appointed Goldman Sachs & Partners to assist with a strategic review of the group aimed at unlocking value for its shareholders. The Board believes that the current share price of T&G is not a true reflection of the company's value, not least given the investment the group has made in growing operations and proprietary varieties that are yet to mature.
The price of T&G shares rose 5.4 per cent on the NZX today (20 April) to reach NZ$1.75, according to stuff.co.nz, but that still compares poorly to the net tangible asset backing per share of NZ$2.50 as at 31 December 2010. The current shareprice puts the value of GPG’s 66 per cent shareholding in T&G at NZ$127m.
T&G sells around NZ$1bn of fresh produce globally each year and the group encompasses some 45 companies worldwide, including leading New Zealand pipfruit exporter Enza.
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