One of the high profile directors in the New Zealand energy scene Michael Stiassny is reportedly stepping down from his long-held role as chairman of Vector Ltd (NZX: VCT).
Radio New Zealand said last night that he was stepping down after losing the support of the company's major shareholder.
Private consumer trust Entrust, which has a 75% stake in the energy distribution business, said it had advised Stiassny it would not be supporting his re-election at the annual shareholders' meeting in September.
At the close of trading on the New Zealand Stock Exchange late yesterday there was no confirmation of this move. Stiassny joined the Vector board in 2002 and has served as chairman for more than a decade.
In recent years he has been critical of some measures adopted or undertaken by government regulators.
Radio NZ said that in a brief statement, Entrust acknowledged the dedication and significant contribution Stiassny made to Vector, but offered no explanation as to why it would no longer support his position as chairman.
Stiassny reportedly also declined to provide further comment.
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