New Zealand Post chairwoman resigns
Wednesday, 31 October 2018
Jane Taylor has resigned as chair of New Zealand Post, and will be leaving the board, Finance Minister Grant Robertson said.
“Jane has decided to resign from the NZ Post board, and I have accepted her resignation,” Robertson said.
“We’d like to thank Jane for her significant work in setting up NZ Post’s strategy, and guiding the organisation through a significant period of change.'
Current deputy chair Jackie Lloyd has been appointed NZ Post acting chair.
**READ MORE:
* NZ Post chair Jane Taylor to resign
* *Kiwibank shareholders at war over IT dramas
* Kiwibank rethinks IT project after $90m write-off
* NZ Post to sell 45 per cent of Kiwibank for $495m cash injection
* Kiwibank value plunges, ACC and NZ Super get NZ Post to sweeten deal with $90m cash
* NZ Post reaches agreement to sell large stake in Kiwibank to ACC and Super Fund**
Taylor's resignation is not a surprise.
On October 21 Stuff reported Taylor had informed Minister of Finance Grant Robertson she intended to resign as chair of NZ Post.
The state-owned company had suffered a difficult two years in which Kiwibank, which NZ Post holds a majority stake in, had to have a $247 million cash injection, and lost $101m on an IT project to replace its core banking system.
That had caused an discomfort for investors ACC and the NZ Super Fund, which had bought stakes in Kiwibank in 2016.
The dispute between NZ Post, ACC and the NZ Super Fund over the IT project losses continues to be the subject of behind-the-scenes discussions, which Catherine Etheredge, spokeswoman for the NZ Super Fund said were 'amicable', and had not reached court.
Taylor is a professional director. Her directorships include a seat on the board of Silver Ferns Farms, which in 2017 finalised a deal for a 50:50 partnership with Chinese company Shanghai Maling in 2017, a deal which current State Owned Enterprises Minister Winston Peters opposed.
Taylor was appointed by former Finance Minister Bill English and former State Owned Enterprises Minister Todd McClay in 2016, taking over as chair when Sir Michael Cullen retired.