Rangatira chief executive Ian Frame will step from the top job of the Wellington-based investment firm at the end of June.
Frame will finish his 11-year tenure in charge of Rangatira on June 30, growing the firm's assets to $187 million from $102 million when he started, and overseeing $70 million in dividends being paid to shareholders, chairman David Pilkington said in a statement.
The board has started looking for a replacement.
Rangatira has been on a buying spree in recent years, purchasing Rainbow's End amusement park operator New Zealand Experience in 2012, and taking stakes in local beer maker Tuatara Brewing, magnetic resonance imaging and nuclear magnetic resonance device manufacturer Magritek, medical and insurance service provider Konnect Net and cloud-based accounting software maker Xero.
In January, meat producer Hellers, of which Rangatira owns half, bought Goodman Fielder's New Zealand meats business.
Last year, the company said it planned to embark on a share buyback in early 2014, with the directors "concerned at the considerable discount in prices bid compared with our assessed asset backing and the low liquidity in Rangatira shares."
Rangatira has two classes of shares that trade on the Unlisted platform, with 67 percent held as class 'A' shares and 33 percent held in class 'B' shares to differentiate between charitable and non-charitable shareholders. Both classes last traded at $8.50.
This article is tagged with the following keywords. Find out more about MyNBR Tags
- Air New Zealand cancels two regional routes blaming low demand
- National Party breaks budget lockup rules
- MARKET CLOSE: NZ shares hit record, Air NZ and Tower gain, Steel & Tube slides
- NZ dollar falls as ascendant greenback fanned by rate-hike talk
- NZ to hasten completion of anti-money laundering regime: Key
Most listened to
- How did Sealegs make a profit? David McKee Wright explains
- ‘Organisations that don’t put effort into employee engagement will be the companies of yesterday’ – Kronos' managing director Peter Harte
- In Editor’s Insight, Nevil Gibson says a New Zealander is helping to unlock the potential of Africa’s cities
- Abano CEO Richard Keys on the sped up timetable for selling the audiology stake
- Without cyber rules, business may struggle to fight back warns FireEye chief security strategist Richard Bejtlich