Renaissance's CEO Rendell moving on
Director Ron Halls will be acting CEO until a new appointment is made.
BUSINESSDESK: Renaissance Corp, which used to have a monopoly on New Zealand sales of Apple products, says chief executive Shaun Rendell will leave the company on August 31 after accepting a position with another business.
Director Ron Halls will be acting CEO until a new appointment is made, chairman Colin Giffney announced.
In July, Renaissance shareholders voted to sell its IT distribution division to Exeed Ltd, halving the size of its balance sheet.
Exeed took over the supply of Apple, Fuji, Cygnet, Belkin and Ozaki and acquired all the company's stock, valued at about $2.5 million. It paid $2.3 million in goodwill and about $570,000 for fixed assets.
Under the agreement Renaissance will exit the distribution business. It will be broken into two parts, a specialist Apple retailer Yoobee, and a specialist education institution Yoobee Design College, formerly known as Natcoll.
Shares in Renaissance are unchanged on 14 cents and have gained 53% so far this year.
Hannah Lynch
Thu, 16 Aug 2012
Thu, 16 Aug 2012
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Renaissance's CEO Rendell moving on
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