Fisher & Paykel, the firm founded by Maurice Paykel and Sir Wool Fisher in early 1930s, has appointed Ralph Waters as its Chairman as its ongoing Chief Gary Paykel has announced to left the post Mr. Paykel will, however, continue as a Director of the company. Mr. Waters also served as a Chief Executive of Fletcher Building Ltd and he has to take a number of key decisions during his tenure, not expected to be very long. The firm has to finalize the name of its new Chief Executive besides bringing some major changes in its board. The firm has already concluded its fund raising plans besides introducing Chinese company Haier as a cornerstone shareholder. Gary Paykel, who also served as a Director of Team New Zealand Ltd since March 2004, said that he deemed it as a right time to step down and expressed his commitment to continue his efforts for the progress of the firm. He held a number of major positions in the firm after joining Fisher & Paykel Industries in 1960. Fisher & Paykel has yet to finalize the name of new Chief Executive, replacing existing Chief Executive John Bongard.