Methven chair Phil Lough to retire next month, to be succeeded by Alison Barrass

Independent director Alison Barrass will take over the chair
mvnadd to my Stocks
MVN Methven
0.010 0.926%
Volume: 4,000

Long-serving Methven chairman Phil Lough will end nine years at the head of the tapware manufacturer's board at the end of July, handing over the reins to independent director Alison Barrass.

Lough's retirement followed a board review of Methven's governance last year which included succession planning, and the directors today unanimously supported Barrass's election as chair-elect from Aug. 1, Methven said in a statement. Lough first joined Methven's board in 2004 and assumed the chair in 2008.

"I am incredibly proud to have led Methven at the time where we celebrate Methven's 130-year anniversary and am looking forward to reducing responsibilities and spending more time with my family," Lough said in a statement. "We have made many improvements to the business, and I have every belief in the company's journey to deliver long-term profitable growth."

Lough assumed the chair as the global financial crisis was gathering steam and after Methven's shares almost halved in value from a peak in mid-2007. He was tasked with overseeing the company's next growth phase, and under his watch Methven ended five years of declining revenue and profit in 2015, in part through buying a Chinese manufacturing facility.

More recently, warned this year's result will see a drop in earnings after steady investing didn't pan out as initially anticipated, sending the shares down to a 15-month low. During Lough's chairmanship, Methven's shares dropped 29 percent to $1.11, compared to a 133 percent gain in the benchmark S&P/NZX 50 index over the same period.

Barrass joined Methven's board in 2012 and chairs the health and safety, and remuneration committees. She also sits on the boards of Spark New Zealand, Callaghan Innovation, Gough Group, Heilala Vanilla, and Rockit International.


2 · Got a question about this story? Leave it in Comments & Questions below.

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

2 Comments & Questions

Commenter icon key: Subscriber Verified

I had the great pleasure to work in Alison's team at Goodman Fielder. A very capable person with great character.

  • 0
  • 0

Good news another man at the top replaced by a woman lifting the ratio to probably 20% women in large companies but do we still call her "Chairman"; sounds wrong?

  • 0
  • 0

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot


Sym Price Change
USD 0.7215 0.0000 0.00%
AUD 0.9353 0.0000 0.00%
EUR 0.5871 0.0000 0.00%
GBP 0.5174 0.0000 0.00%
HKD 5.6597 0.0000 0.00%
JPY 76.4290 0.0000 0.00%


Commodity Price Change Time
Gold Index 1312.3 -2.100 2018-03-16T00:
Oil Brent 66.0 1.090 2018-03-16T00:
Oil Nymex 62.4 1.140 2018-03-16T00:
Silver Index 16.3 -0.150 2018-03-16T00:


Symbol Open High Last %
NASDAQ 7504.4 7514.2 7481.7 0.00%
DJI 24877.3 25031.0 24873.7 0.29%