Gary Paykel to Step Down; Company Posts First Half Loss
Nov 30, 2009
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Gary Paykel has decided to stand down as chairman of Fisher & Paykel Appliances, the company said. He will be replaced by Ralph Waters. Paykel will continue as a Director.

Paykel had ealier this year announced his intention to retire from the Board no later than August 2012. The company said that it will continue to find a new CEO, as Waters said that while he would not be Chairman of the Board in the longer term, he will remain until a number of key decisions, including the CEO appointment and Board refreshment are completed and the company is on a more stable footing.

Waters said that beyond resolving the leadership in the very short term, the major challenge for the company within its control is to lift production rates in the Thailand and Mexico factories.

Separately, the company posted a first half loss on asset writedowns and weak sales. Its net loss for the six months to Sept. 30 was NZ$82.4 million.

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