The head of the financial arm of Ngai Tahu has been replaced.
Wally Stone, who has been chairman of Ngai Tahu Holdings for two years, was voted out in a council meeting on Sunday.
Linda Constable has been appointed to the position of interim chair.
The chair of Te Runanga o Ngai Tahu, Mark Solomon, says the tribe has benefitted from Mr Stone's stewardship and has left it in a healthy financial position.
However, some in the tribe reportedly questioned the wisdom of removing Mr Stone as head of the $600 million asset group.
Some say removing Mr Stone now as New Zealand enters a deepening recession does not make sense, and they believe the move was political.
However, Mr Solomon says politics was not a factor and the move was in the best interests of Ngai Tahu.
