Steel & Tube chief quits
Steel & Tube has undertaken an $80 million acquisition programme over the past four years but is also facing a Commerce Commission prosecution over steel mesh.
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Steel & Tube Holdings chief executive Dave Taylor has resigned and will leave next week after eight years running the listed steel building supplies company.
In a brief statement, chairwoman Susan Paterson said the company is finalising interim arrangements and has begun the process of appointing a new chief executive. She thanked Mr Taylor for his "lengthy and significant contribution to the company."
"Now is the right time to step down to enable me to focus on other interests," Mr Taylor said in a statement.
Taylor took over as chief executive from Nick Calavrias, a 19-year veteran of the company, in October 2009. Since then the shares have fallen 27% while the NZX 50 Index has climbed 147%.
Last month Wellington-based Steel & Tube posted a 22% decline in full-year profit reflecting year-earlier gains from property sales that weren't repeated and a business performance it said had missed its own expectations.
Steel & Tube has undertaken an $80 million acquisition programme over the last four years, widening the scope of its business, while adding to costs and working capital. Last month the company said cost management continued to be a focus, with further overhead cost savings expected in 2018.
Last December, the Commerce Commission said it would prosecute Steel & Tube and two other companies after an investigation into seismic steel mesh that the regulator alleges was misrepresented as complying with New Zealand standards.
(BusinessDesk)
Staff Reporter
Wed, 13 Sep 2017
Wed, 13 Sep 2017
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Steel & Tube chief quits
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