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The Warehouse founder Sir Stephen Tindall won’t be seeking re-election to the board in November.
The company said Tindall, the company’s biggest shareholder, and other long-standing director Keith Smith, would not seek re-election at the group’s annual meeting at the end of November.
Tindall, who has been on a leave of absence from the board since 2017, had been on the board since 1982, and Smith, the group’s deputy chair, since 1988.
Warehouse board chair Joan Withers said the pair had given their support and expertise to the company during a period of ongoing change, increasing competition and massive technological developments.
“Sir Stephen is one of New Zealand’s most well-known and highly respected businessmen.
“His ingenuity and entrepreneurship in founding The Warehouse Group and introducing affordable products in the 1980s, at a time when what we would now regard as necessities were out of the reach of many New Zealanders, and his generosity and philanthropic efforts alongside Lady Margaret Tindall through The Tindall Foundation are admired and acknowledged by New Zealanders,” she said.
Tindall stepped back from the board three years ago to work on his leadership of Team New Zealand, his venture capital K1W1 fund, and the Tindall Foundation.
The Warehouse is the country’s biggest listed retailer, but has been through significant restructuring in recent years as it battled to compete against more nimble competitors, the rise of on-line trading, and finding the right mix of products and pricing strategy.
It has confirmed a plan to scrap the equivalent of 750 jobs as it looks to cut costs and close underperforming stores.
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