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Craig Norgate - Source: NZPA / John McCombe -
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The chairman of rural services company PGG Wrightson has stepped down from his role, though will remain on board as a director.
Craig Norgate, who is also managing director of shareholder Rural Portfolio Investments, says he has resigned so as to make way for an independent chair.
Rural Portfolio investments has a 27.5% stake in PGG Wrightson.
Norgate, who has been in the role since 2007, will hand over the reins to director Keith Smith who has been in that role for the past 15 months.
"I think it makes sense for PGG Wrightson from a corporate governance point of view....(Smith's appointment) probably removes any potential for conflicts of interest in the future," says ABN Amro Craigs market analyst Ross Cuthbert.
Norgate will retain his directorship that he has held since the company was formed via the merger between Pyne Gould Guiness and Wrightson in 2005.
He says a review of PGG Wrightson's board composition is
currently under way as the company looks to put in place the right
governance for its next stage of development.
