Former Foodstuffs managing director Tony Carter named as chairman in waiting.

It’s the end of an era at Fisher & Paykel Appliances with Gary Paykel announcing today he is stepping down as chairman of the company.

Mr Paykel confirmed today he would stand down as chairman, although he will continue as a company director, after joining the family business as an 18-year-old in 1960.

He announced earlier this year he intended to retire from the board before August 2012 but in a statement released to the NZX this afternoon, he said he had decided the time was right to vacate the chair.