PGG director steps down, into fertiliser

PGG Wrightson director Greg Campbell has resigned, days after being appointed chief executive of fertiliser co-operative Ravensdown.

His Ravensdown appointment follows three years at the helm of South Island iwi powerhouse Ngai Tahu's holding company.

Mr Campbell was appointed a PGG Wrightson director last November.

His departure from the rural services company was announced on the NZX this afternoon, without stating a reason.

PGG Wrightson's secretary Julian Daly said: "The board thanks him for his positive contributions and wishes him well in his new role as ceo of Ravensdown."

PGG Wrightson has had a tumultous history since the merger of Pyne Gould Guinness and Wrightson in 2005 – including the disastrous offer for Silver Ferns Farms, which cost the company $50 million, and write-offs from its investments in Uruguay.

Chinese agriculture group Agria came on board at the end of 2009 and eventually took a majority stake.

More recently, Heartland New Zealand bought PGG Wrightson Finance – although PGG retained about $95 million in toxic assets – and troubled shareholder Pyne Gould Corporation has sold most of its holdings.

PGW shares (NZX: PGW) are up 1 cent to 32 cents today, a far cry from the glory days of four years ago, when PGW's shares were worth more than $2.30.


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

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7195 0.0004 0.06%
AUD 0.9371 -0.0006 -0.06%
EUR 0.6804 -0.0009 -0.13%
GBP 0.5790 -0.0009 -0.16%
HKD 5.5839 0.0030 0.05%
JPY 80.6160 -0.0210 -0.03%

Commods

Commodity Price Change Time
Gold Index 1258.3 7.630 2017-02-24T00:
Oil Brent 56.3 -0.650 2017-02-24T00:
Oil Nymex 54.0 -0.500 2017-02-24T00:
Silver Index 18.3 0.220 2017-02-24T00:

Indices

Symbol Open High Last %
NZX 50 7065.6 7091.2 7058.6 0.29%
NASDAQ 5802.3 5845.3 5835.5 0.17%
DAX 11858.1 11860.8 11804.0 0.24%
DJI 20751.9 20821.8 20810.3 0.05%
FTSE 7243.7 7285.2 7243.7 0.34%
HKSE 23941.8 24067.7 23965.7 -0.17%
NI225 19130.5 19179.0 19283.5 -0.91%
ASX 5739.0 5743.5 5739.0 -0.26%