Sir Stephen Tindall to step down from The Warehouse board

Sir Stephen Tindall will step down from the board of directors of The Warehouse, which he founded himself.

The Warehouse said that Tindall, the company’s largest shareholder, and another longtime director, Keith Smith, are retiring on a rotating basis and will not seek re-election at the group’s annual meeting on Nov. 27.

Tindall, who has been on leave from the board since 2017, and Smith, the group’s vice president, will resign as directors in November, after serving since 1982 and 1988 respectively.

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The current president, Joan Withers, thanked the couple for their efforts to govern the business during a period of continuous change, increasing competition, and massive technology developments.

“Sir Stephen is one of New Zealand’s best-known and most respected businessmen,” he said in a statement.

“His ingenuity and entrepreneurial spirit in founding The Warehouse Group and the introduction of affordable products in the 1980s, at a time when what we would now consider needs were beyond the reach of many New Zealanders and his generosity and philanthropic efforts alongside Lady Margaret Tindall through The The Tindall Foundation is admired and recognized by New Zealanders, “said Withers.

During Tindall’s absence from the board, he had focused on his leadership of Team New Zealand, K1W1, a fund that invests in early-stage New Zealand companies, the Tindall Foundation, as well as other interests.

At the time, Tindall’s son Robbie had served as his alternate on the board of The Warehouse Group.

Smith indicated in 2017 that he would not seek reelection at the end of this term.

He began his leadership with the group in 1988 as its first president.

Since then, he has seen the business acquire and grow to a portfolio of six brands, including Noel Leeming and TheMarket.

Tindall remains the largest shareholder in The Warehouse, with 27%. His Tindall Foundation is the second largest shareholder with 21.3 percent, according to the latest annual report.