Mike Allen new chairman of PGG Wrightson Finance
Rural lender PGG Wrightson Finance has appointed a new independent chairman ahead of new governance requirements being ushered in by the Reserve Bank.
Mike Allen, a former investment banker and current director of Tainui Group and Godfrey Hirst, will be new independent chairman of PGG Wrightson Finance effective from February 25.
Another banking industry veteran, Noel Bates, has been appointed as an independent director.
The appointments come as parent company PGG Wrightson reviews its board with further changes to be announced there as well.
Last month PGG Wrightson appointed three new directors, including prominent Christchurch businessman George Gould and representatives from new cornerstone shareholder Agria Corp.
PGG Wrightson has signaled that Sir Selwyn Cushing is leading a process to look at the company’s governance and further changes are expected early this year.
Current chairman of both companies, Keith Smith, said the appointment of Mr Allen and Mr Bates was an important step for the finance company and the new board will be in place well ahead of the new regulations.
PGG Wrightson managing director Tim Miles said he was pleased with the caliber of the two newcomers.