PGG director steps down, into fertiliser

PGG Wrightson director Greg Campbell has resigned, days after being appointed chief executive of fertiliser co-operative Ravensdown.

His Ravensdown appointment follows three years at the helm of South Island iwi powerhouse Ngai Tahu's holding company.

Mr Campbell was appointed a PGG Wrightson director last November.

His departure from the rural services company was announced on the NZX this afternoon, without stating a reason.

PGG Wrightson's secretary Julian Daly said: "The board thanks him for his positive contributions and wishes him well in his new role as ceo of Ravensdown."

PGG Wrightson has had a tumultous history since the merger of Pyne Gould Guinness and Wrightson in 2005 – including the disastrous offer for Silver Ferns Farms, which cost the company $50 million, and write-offs from its investments in Uruguay.

Chinese agriculture group Agria came on board at the end of 2009 and eventually took a majority stake.

More recently, Heartland New Zealand bought PGG Wrightson Finance – although PGG retained about $95 million in toxic assets – and troubled shareholder Pyne Gould Corporation has sold most of its holdings.

PGW shares (NZX: PGW) are up 1 cent to 32 cents today, a far cry from the glory days of four years ago, when PGW's shares were worth more than $2.30.

This article is tagged with the following keywords. Find out more about My Tags

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7842 -0.0078 -0.98%
AUD 0.8914 -0.0023 -0.26%
EUR 0.6203 -0.0015 -0.24%
GBP 0.4896 -0.0010 -0.20%
HKD 6.0810 -0.0622 -1.01%
JPY 85.2860 -0.3520 -0.41%

Commods

Commodity Price Change Time
Gold Index 1229.0 2.000 2014-10-28T00:
Oil Brent 86.0 -0.650 2014-10-28T00:
Oil Nymex 81.4 0.410 2014-10-28T00:
Silver Index 17.2 0.065 2014-10-28T00:

Indices

Symbol Open High Last %
NZX 50 5338.3 5367.6 5338.3 0.33%
NASDAQ 4551.4 4564.4 4564.3 -0.33%
DAX 9139.0 9157.6 9068.2 0.16%
DJI 17005.1 17065.5 17005.8 -0.18%
FTSE 6402.2 6475.4 6402.2 0.81%
HKSE 23704.0 23855.7 23520.4 1.27%
NI225 15442.4 15595.3 15329.9 1.46%