Hellaby Holdings' [NZX: HBY] board has appointed independent director Steve Smith to take over the chair when John Maasland retires at this year's annual meeting in October.
Smith will take over as chairman at the end of the October meeting, when Maasland formally retires, Hellaby said in a statement. Smith, who joined the Hellaby board in 2008, is a professional director who currently sits on the boards of NZX-listed insurer Tower and privately held construction firm Fulton Hogan, and was previously a partner at accounting firm PwC.
Once Maasland retires, the board will consist of five non-executive directors and the managing director, Hellaby said.
The shares increased 0.4 percent to $2.80 today, and have dropped 14 percent this year.