Bremworth CEO departs
Three weeks on from Bremworth’s board overhaul, the carpet maker’s chief executive Greg Smith is stepping down.
Listed carpet maker Bremworth has been rocked by a call from some shareholders for a board revamp.
A group of shareholders wrote to chair George Adams over the weekend calling for a special meeting to elect a new board.
Agri business leader Rob Hewett, who shareholders want to take over as the new chair, says they have consulted shareholders holding about 35% of shares.
“We haven’t taken this step lightly,” says Hewett.
“We have consulted with shareholders holding approximately 35% of the share register so far. “Each shareholder with whom we have consulted has supported our call for a meeting. This has given us the confidence and determination to proceed.”
Other new board members proposed in the letter to Adams are Trevor Burt, Julie Bohnenn and Murray Dyer. The proposed board will be advised by experienced carpet industry experts Warwick Norman and Craig Woolford.
According to the letter written to Adams, the request for the current board to step down “follows years of poor operational performance, erratic strategic direction and substandard execution” under the stewardship of Bremworth’s current board.
“With the final insurance payout of $42 million just received, and a newly announced strategic review (which follows a strategic review undertaken by the board in 2023), the requisition calls for an immediate board change.
“The new board will work with management to prioritise disciplined financial management, lead a comprehensive market and business review and evaluate other options to initially preserve, then increase shareholder value.
“Too many shareholders continue to be dissatisfied with the company’s financial and business performance. The most recent results reinforce the lack of confidence in the current board’s ability to deliver satisfactory outcomes. Financial performance continues to deteriorate.”
Hewett, the outgoing chair of Silver Fern Farms, also chairs Farmlands and was recently appointed chair of AgriZero.
New Zealand's TBfree programme has made great progress in reducing the impact of the disease on livestock herds, but there’s still a long way to go, according to Beef+Lamb NZ.
With much of the North Island experiencing drought this summer and climate change projected to bring drier and hotter conditions, securing New Zealand’s freshwater resilience is vital, according to state-owned GNS Science.
OPINION: Otago farmer and NZ First MP Mark Patterson is humble about the role that he’s played in mandating government agencies to use wool wherever possible in new and refurbished buildings.
For Wonky Box co-founder Angus Simms, the decision to open the service to those in rural areas is a personal one.
The golden age of orcharding in West Auckland was recently celebrated at the launch of a book which tells the story of its rise, then retreat in the face of industry change and urban expansion.
Everyone from experienced veterinarians and young professionals to the Wormwise programme and outstanding clinics have been recognised in this year’s New Zealand Veterinary Association (NZVA) awards. As part of a series looking at this year’s rural winners, Leo Argent talked with Ginny Dodunski, winner of the Veterinary Impact Award for raising the profile of the Wormwise programme.
OPINION: The appendage swinging contest between the US and China continues, with China hitting back with a new rate of…
OPINION: The irony of President Trump’s tariff obsession is that the worst damage may be done to his own people.