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Lawrence Smith / Stuff
The Warehouse founder, investor and philanthropist Sir Stephen Tindall.
Warehouse founder Sir Stephen Tindall will leave the company in November.
Tindall founded The Warehouse in 1982 and has been a director since 1994. He has been on leave of absence since 2017.
The group’s vice chairman, Keith Smith, who has served on the board since 1988, will also retire in November.
Warehouse president Joan Withers said the couple made “significant efforts” to govern the business during a period of continuous change, increased competition and technological developments.
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“Sir Stephen is one of New Zealand’s most well-known and respected businessmen,” said Withers.
Tindall is The Warehouse’s largest shareholder with 27% in its name. The Tindall Foundation is the next majority shareholder with 21%.
Tindall stepped down as Managing Director in 2001 and received a knighthood in 2009 in recognition of his work with New Zealand businesses and the community.
The Warehouse Group includes The Warehouse, Warehouse Stationery, Noel Leeming, TheMarket, and Torpedo7.
In July, The Warehouse said as many as 1080 jobs could be lost following a restructuring that could result in the closure of nine stores. Last week she said the restructuring would affect roles at 62 stores.
Withers said Tindall founded The Warehouse and introduced affordable products that, at the time, were out of reach for many New Zealanders.
In 2017, Tindall said he would take a year off to focus on defending the New Zealand America’s Cup team. He is now the president of Team New Zealand.
During his leave, he also focused on his angel investment fund K1W1, the Tindall Foundation and other interests.
Tindall would continue his close relationship with The Warehouse, both as its founder and as an advocate for sustainability, Withers said.
Tindall’s son, Robbie Tindall, served as his alternate on The Warehouse board. He has been appointed a director and will stand for election at the annual shareholders meeting.
He worked for The Warehouse for eight years in a merchandising and purchasing role, most recently becoming a director of the company’s marketplace platform, TheMarket.
Smith indicated in 2017 that he would not seek reelection at the end of the term.
