Changes for automotive group
NZ Automotive Investments (NZAI) has announced Gordon Shaw will become interim chief executive of the company while it seeks a replacement for David Page, who is leaving the role at the end of September.
Shaw, pictured, and Michael Stiassny have also been appointed as independent directors of the parent company of 2 Cheap Cars, effective from August 21, by co-founder David Sena.
An announcement to the NZX on August 22 notes Stiassny is now chairman of the company and the directors have also co-opted Samantha Sharif onto the board as an independent director.
The board’s new trio will hold office until NZAI’s annual shareholders’ meeting on September 2 when they will retire and offer themselves for re-election.
The changes follow the mass resignation of three non-executive directors and the company’s co-founder and executive director Eugene Williams, who left their posts on August 20.
Page announced his resignation at the beginning of July and his final day with the business is set to be September 30.
This month, NZAI has also had its external auditor resign and its bank advise it is unable to guarantee support for the company’s trade finance and motor finance facilities beyond their current expiry dates.
Stiassny says the new board’s immediate focus is on swiftly stabilising the company. “The recent turmoil has been unfortunate and has had a significant impact on our shareholders, staff and stakeholders,” he adds.
“The new board is united in its focus on righting the ship as quickly as possible by recruiting a new CEO, carefully reviewing strategy, resources and costs, and getting the fundamentals right.”
The company’s statement to the NZX says the directors have commenced an executive search for a new chief executive officer.
“In the meantime, Gordon Shaw will become interim CEO and work to complete a handover with David Page,” it explains.
“In addition, under the NZX Listing Rules, the directors have co-opted onto the board experienced independent director, Samantha Sharif … [who] will sit on the board for a period of six months or until a new CEO is appointed, at which time Gordon Shaw will return to the board as an independent director.”
Sharif, pictured below, is a former commercial lawyer and full-time professional director with more than 30 years global experience in executive and governance roles in the transport sector.
She has been an independent director since 2015 of the Motor Trades Association Group, where she chairs the audit and risk committee and the investment committees, and is deputy chair of the New Zealand Shareholders Association.
