PGG Wrightson boss shock resignation
PGG Wrightson’s managing director Tim Miles has quit, effective immediately.
In a statement to the NZX this morning, chairman Sir John Anderson said changes to the role that followed the company’s new business model and strategy made it different from what was envisaged when Mr Miles first joined the company in early 2008.
“Accordingly, Tim and the board have agreed that this would be an appropriate time for a change,” Sir John said.
Mr Miles started with the company in March, 2008, after two years in the UK with Vodafone.
He had a six-year career with the telecommunications company including a stint as chief executive of Vodafone New Zealand and in the UK and chief technology officer.
Mr Miles had worked in a number of other executive and leadership roles with Unisys, Data General Corporation and IBM.
In July last year, former PGGW chairman Craig Norgate said as he stepped down as head of the board that Mr Miles had a team more than capable of leading the company forward.
Sir John said Mr Miles led the company through its restructuring process following the global financial crisis, which included strengthening its balance sheet, the introduction of new shareholders and a refreshed board.
“A process will commence shortly to identify a replacement and in the interim period the senior management team will work closely with the chairman and board.”
PGGW shares dipped 5% on the news and this morning were trading at 56c NZX:PGW).