Nuplex managing director John Hirst has formally stepped down the role today after more than 40 years with the business, but will stick with the resin company for another two months.Mr Hirst's exit from the company has been in the works for some time, wit
Nuplex managing director John Hirst has formally stepped down the role today after more than 40 years with the business, but will stick with the resin company for another two months.
Mr Hirst’s exit from the company has been in the works for some time, with Dr Emery Severin due to step in.
In a brief statement released to the NZX today, Nuplex said the changeover had gone ahead as planned.
While he is no longer managing director, Mr Hirst confirmed today that he will remain with the company until the end of June. He was initially due to step down on July 1, but this was shifted forward when Dr Severin’s appointment was announced in February.
A cloud has been cast over Mr Hirst’s last month in the job, with the Securities commission naming him in a civil suit over the continuous declaration rules, charges that Mr Hirst has vowed to vigorously defend.
Last week’s charges came after a long struggle back from a massive drop in demand for its products that saw its share price (NZX:NPX) plummet to new lows.
Mr Hirst oversaw a capital raising and steered the company through the worst of the economic conditions, with the company’s shares now back up over the $3 mark and the unveiling of a 201% increase in operating interim profit in February.
He showed his faith in the company’s future last week by buying up a bigger slice of Nuplex’s shares.
Mr Hirst joined Nuplex in 1967 after previously working in the coatings industry and worked in a variety of roles at the company in both New Zealand and Australia over the following 43 years, serving as managing director since 2001.
