Metro Glass boss quits

The managing director of troubled glass supplier Metro Performance Glass, Nigel Rigby, has handed in his notice and will leave the company in March next year.

In a statement to the NZX, Metro Glass said Mr Rigby had led the company for five years and had advised the board it was time to move on.

Chairman Peter Griffiths said Mr Rigby had made a significant and valued contribution to the transformation and growth of the business.

“Nigel joined the company at a challenging time and the past five years have been particularly busy and intense,” he said.

“He led the business through the [initial public offer] and has driven Metro Glass forward with massive enthusiasm and energy. He has been key to the introduction of new products, new channels, new business segments and a significant new market in Australia. The board thanks him for his valued contribution and we wish him well for the future.”

In a brief statement, Mr Rigby said: “After five transformative years, the time is right to move on and make way for a different leader to take the company on the next stage of its journey.”

Metro Glass came under fire at its annual meeting in August for a lacklustre performance since its IPO in 2014.

After floating its shares at $1.70, Metro Glass hit shareholders with a series of disappointing announcements this year and the stock plummeted as low as 86c last month.

The shares closed yesterday at 98c.

Mr Rigby’s departure follows that of chairman Sir John Goulter last month after the company announced a strategic review in October.

The move followed a call for his resignation from fund manager Brian Gaynor of Milford Asset Management.

“The share price of that company has dropped substantially during a period when the sharemarket has been strong and the building industry very strong. So you’ve got to say there’s something wrong with the company and the person at the top should be responsible for that,” said Mr Gaynor.

In this morning’s statement, Mr Griffiths said the rest of the management team had the expertise to deliver for customers in the transition period to a new chief executive.

An international recruitment process will begin immediately.