It has recently come to scene that Craig Norgate has resigned from his post of chairman of PGG Wrightson (PGW).

His place has now been taken by independent director Keith Smith. A former chairman of Wrightson, before its merger with Pyne Gould Guinness, Mr. Smith will acquire the place at the top of table.

Via a statement, it was clarified by PGG Wrightson that it was during the last month that Mr. Norgate expressed his desire to vacate his post to the board.

It should be noted that the recent development has appeared following a costly failed merger between PGW and meat processor, Silver Fern Farms, earlier this year.

Mr. Norgate expressed via a statement that the preference for an independent chair, given the listed status of the company, is clearly reflected in his decision to step down, apart from the fact that managing director Tim Miles was now well-established after 15 months in his role.

Mr. Norgate, after stepping down from the deputy chair role, was the chairman of PGW since October 2007. At the time of the merger with Pyne Gould Guinness in 2005, he was a director of Wrightson.

It should be noted that he will performing his duties as the director of the company and also will continue as managing director of Rural Portfolio Investments, which owns
27.5% of the PGW group.

Keith Smith, who is a chartered accountant, commenced as a director and chairman of Wrightson in 2004, before its merger with Pyne Gould Guinness in 2005.

He was also a partner in national accounting practice BDO Spicers until December 2005, specializing in directorships.

As of now, Mr. Smith is the chairman of Tourism Holdings Ltd, NZ Farming Systems Uruguay Ltd and The Warehouse Group Ltd, apart from being director of Goodman
(NZ) and a number of private companies.