Announcement
ADMIN: WHS: The Warehouse Group announces Board Changes
08:30am
WHS
25/09/2020 08:30
ADMIN
PRICE SENSITIVE
REL: 0830 HRS The Warehouse Group Limited
ADMIN: WHS: The Warehouse Group announces Board Changes
Auckland, September 25, 2020
The Warehouse Group announces Board Changes
The Warehouse Group Limited ("Group") has today announced that two of its
long-standing directors who are retiring by rotation will not seek
re-election at the Group's Annual Shareholders' Meeting on 27 November 2020.
The Warehouse Founder Sir Stephen Tindall, who has been on leave of absence
from the board since 2017 and Keith Smith, the Group's Deputy Chair, will
both step down as directors in November, after serving since 1982 and 1988
respectively.
The Warehouse Group Chair, Joan Withers, commended and thanked the pair for
their significant efforts in governing the business through a period of
ongoing change, increasing competition and massive technological
developments.
"Sir Stephen is one of New Zealand's most well-known and highly respected
businessmen. His ingenuity and entrepreneurship in founding The Warehouse
Group and introducing affordable products in the 1980s, at a time when what
we would now regard as necessities were out of the reach of many New
Zealanders and his generosity and philanthropic efforts alongside Lady
Margaret Tindall through The Tindall Foundation are admired and acknowledged
by New Zealanders."
During Sir Stephen's leave of absence from the Board he has focused on his
leadership of Team New Zealand, K1W1, (his fund that invests in early stage
New Zealand businesses), The Tindall Foundation, as well as other interests.
During that time, Sir Stephen's son, Robbie Tindall, has acted as his
alternate on The Warehouse Group board, making a valuable contribution in his
own right.
Ms Withers said that despite stepping down as a director, Sir Stephen will
continue his close relationship with The Warehouse Group, both as its founder
and sustainability champion.
Group CEO Nick Grayston said Sir Stephen's ongoing insight, advice and
counsel will continue to be very important to the business executive,
particularly as it works towards becoming New Zealand's most sustainable
company.
Fellow long-standing director Keith Smith indicated in 2017 at an Annual
Shareholders' Meeting that he would not be seeking re-election at the end of
this term. Keith began his directorship with the Group in 1988 as its first
Chair. Since then he has seen the business acquire and grow to a portfolio
of six brands, including Noel Leeming and TheMarket.
Joan Withers said Keith's extensive board experience and financial expertise
has been invaluable.
"Keith has been a major asset to The Warehouse Group over the years and as
Deputy Chair and Chair of the Audit and Risk Committee he has provided
enormous support and wisdom to the whole board.
In preparation for this transition he has been working with Dean Hamilton,
who, if elected at the ASM, will assume the Chairmanship of the Audit and
Risk Committee.
Keith will be missed by his colleagues."
Robbie Tindall has been nominated as a director of the Group and will stand
for election at the Annual Shareholders' Meeting. Robbie has had a
long-running relationship with the Company. He worked for The Warehouse for
eight years in various merchandising and buying roles and more recently has
assumed the role of director of the Group's marketplace platform, TheMarket.
Joan Withers said that both Sir Stephen and Keith Smith will be appropriately
acknowledged at the Annual Shareholders' Meeting ahead of the vote.
ENDS
Contact details regarding this announcement:
Investors and Analysts: Jonathan Oram, Chief Financial Officer
+64 21 757 415, jonathan.oram@thewarehouse.co.nz
Media: Nick Grayston, Group Chief Executive Officer
To be contacted via Jordan Schuler
+64 21 143 6930, media.enquiries@thewarehouse.co.nz
End CA:00360374 For:WHS Type:ADMIN Time:2020-09-25 08:30:14
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