Rangatira Investments today announced that Chief Executive, Phil Veal, will step down from the role in November, after three years at the helm, to pursue new opportunities.
Chair of the Board, David Pilkington said, “The Board has accepted Phil’s resignation with our thanks for his contribution to positioning Rangatira Investments for the future.”
Key milestones Rangatira has achieved under Phil Veal’s tenure as CEO included acquiring Bio-Strategy and VWR’s Australian & New Zealand businesses, increasing Rangatira’s stake in Hellers, managing the sale of Tuatara Brewing, and growing operating earnings across the portfolio.
The Board of Rangatira Investments is commencing an executive search process and expects to be in a position to announce a new appointment to the CEO role by the end of the year.
Rangatira Investments’ majority shareholder is the J.R. McKenzie Trust (51%), with other community and charitable organisations holding another 15%, and private investors making up the balance. Annual dividend payments enable Rangatira’s non-profit shareholders to continue to deliver meaningful social impact.
For further information, please contact:
Peter Taylor | Analyst & Investor Relations | Rangatira Investments | 04 472 0251
About Rangatira Limited
Rangatira is a Wellington-based investment company with shareholders’ funds of over $250 million. Established in 1937, the Company is 51 per cent owned by the JR McKenzie Trust with other community and charitable organisations owning another 15 per cent of the shares. The balance of the shares is owned by private investors. Rangatira’s mission is to increase both the capital value of its shares and the dividends paid to its shareholders by investing creatively and competitively.
Rangatira has built a portfolio of local and international investments across a wide range of sectors. The Company has pursued a policy of investment in small to medium-sized unlisted New Zealand companies, complemented by holdings in a range of publicly listed New Zealand and international companies. All investments have been made taking a long-term position in companies that are well founded and well managed with good growth potential.
Rangatira is strictly commercial in its investment approach and benchmarks its performance against the wider investment community.
Rangatira will continue to explore investment opportunities across a range of business sectors. We aim to add value to our unlisted investments by actively contributing at management and board level, recognising the need to combine high standards of governance with sound management and a clear focus on growth and profitability.
Rangatira’s shares are listed and traded on the Unlisted market (usx.co.nz).