NEW ZEALAND: Pumpkin Patch chairman Greg Muir will not stand for re-election to the company's board after "drawing attention away from the business".
The childrenswear company made the announcement just days before its annual general meeting, scheduled for November 23.
The news closely follows the Securities Commission of New Zealand's revelation it is nearing completion of its investigation into Hanover Finance. Muir is a former chairman of Hanover Finance, which collapsed in 2008 owing approximately $500 million to investors.
“Despite the stellar performance of the company, it would appear that my leadership of the Pumpkin Patch Board is drawing attention away from the business itself.
"Rather than allowing this to continue I have decided it would be in the best interests of the company for me not to seek re-election,” Muir said.
Pumpkin Patch CEO Maurice Prendergast thanked Muir for his contribution to the company.
“I would like to thank Greg for the effort he has put in over the last six years especially for his work in developing the wholesale division and helping it become such an important part of Pimpkin Patch's long term future. He has been an outstanding executive and chairman and we wish him well.”
Muir has served on Pumpkin Patch's board of directors since 2004, initially as executive chairman and more recently as chairman.