Brenworth’s new chairman Rob Hewett says a fresh approach is needed to drive the carpet company’s growth and earnings.
Yesterday, the company announced Mr Hewett, Julie Bohnenn, Murray Dyer and Trevor Burt had been appointed independent directors with immediate effect.
Incumbent directors Paul Izzard, Katherine Turner and Dianne Williams were stepping down while previous chairman George Adams and John Rae were staying on the board.
Earlier this month, a group of disgruntled shareholders called for a special meeting to consider proposed director changes, citing “years of poor operational performance, erratic strategic direction and substandard execution under the stewardship of Bremworth’s current board”.
At that time, Bremworth said its co-founder and single largest shareholder, Grant Biel, as well as other substantial shareholders had indicated their confidence in the board.
But yesterday, it announced the board had appointed the new directors and, as required by the constitution, each would stand for election by shareholders at the next annual meeting. The notice requesting a special meeting of shareholders be convened had been withdrawn.
In a statement to the NZX, Mr Hewett, the outgoing co-chairman of Silver Fern Farms Ltd and chairman of WoolWorks, Farmlands, AgriZeroNZ, Hilton Haulage, Pioneer Energy, Fern Energy and Rewiring Aotearoa, said Bremworth was “at a crucial crossroads”.
“We appreciate the hard work and dedication of the board under George’s leadership during a very challenging period for Bremworth, and its settlement of the long-running insurance claims process.
“We will need to call on the experience of all directors as we take Bremworth into its new era, which demands a fresh approach to drive growth and earnings,” he said.
He and the other new directors were committed to bringing their collective agri, operating and governance experience and skills to stabilising the business, protecting shareholder value and “unlocking the potential” of the company.
A key priority for the revamped board was to ensure the latest $42.2 million insurance settlement, following severe damage and disruption at Bremworth’s Napier plant from Cyclone Gabrielle in February 2023.
The board would also evaluate the ongoing Bremworth strategic review.
Mr Adams said the board looked forward to working together to realise the company’s potential and deliver value to shareholders.
