Trade Me director to step down

Trade Me founder Sam Morgan has attended his last annual meeting as the director of the company he founded in 1999, says Stuff.co.nz. Trade Me announced in October that this year would be Morgan’s last year on the board. Speaking after the meeting in Wellington on Thursday, Morgan said he wanted to rebalance how he was spending his time. While he didn’t know when exactly he would stand down as a director, Morgan said it could be earlier than next November. His departure comes as analysts reconsider how long Trade Me can maintain its place at the centre of e-commerce in New Zealand. Analyst Morningstar lowered its valuation of Trade Me shares to $3.90 last month, saying it lacked confidence that the company would retain its competitive advantage over larger foreign rivals like Amazon over the next 20 years. But Morgan says Trade Me has faced off threats before. “There are constant risks to the business that we have seen forever, for example when eBay was pushing hard into New Zealand.” “Do I think that Trade Me can continue to own those positions? You have got to keep your eyes open but there is no reason why they shouldn't be able to in my view.” Trade Me is also in the process of setting up its joint venture with Tower, Trade Me Insurance. The venture was launched in August last year, but Morgan said it was too early to say how it was performing.