22 Jan 2010

New directors at PGG Wrightson Finance

7:57 pm on 22 January 2010

PGG Wrightson Finance has appointed a new independent chairman.

Mike Allen, a former investment banker and director of Tainui Group, will next month replace Keith Smith, who is also chairman of the parent company PGG Wrightson.

Former banker Noel Bates has also been appointed as an independent director.

Mr Smith says the appointments were made ahead of new rules from the Reserve Bank, which require finance companies to have at least two independent directors on the board.

PGG Wrightson, which also appointed three new directors last month, is expected to announce further changes to its board early this year.