Pumpkin Patch adds Briscoe boss Rod Duke to board
BUSINESSDESK: Children’s clothing retailer Pumpkin Patch has announced two new directors will join its board, one of whom is Briscoe Group managing director Rod Duke.
Mr Duke will take up the role as a non-executive director in June.
Former New Zealand Dairy Board executive Peter Schuyt will join the board as an independent non-executive director in August. He sits on a number of boards, including Tatua Dairy Company, Port Nelson and Landcare Research.
Mr Schuyt will become chairman of Pumpkin Patch's audit and risk committee when David Jackson stands down in November.
Under Mr Duke's stewardship, Briscoe's shares soared 21% in the past year as the homeware and sporting goods retailer in March posted a record 27% increase in full-year profit to $27.5 million.
Shares in Pumpkin Patch have tumbled 28% as the company was forced to wind down its British and US operations after stores failed to make acceptable returns.
Earlier this year, the Auckland-based chain turned a first-half loss of $30 million in the six-months ended January 31, from a profit of $8 million a year earlier.
Since then, the company has announced plans to team up with online retailer, Amazon to sell its products in Europe, while its Middle East partner, Jawad Business Group, will sell its Charlie & Me products in 25 stand-alone stores across the region over the next 12 months.
Shares in Pumpkin Patch rose 2.3% to 86 cents today, while Briscoe stock is unchanged at $1.18.