Pacific Retail Group Promotes Peter Halkett To Top

Pacific Retail Group Promotes Peter Halkett To Top Position

Stefan Preston Remains as Director

Auckland – 15 November 2000: Pacific Retail Group (NZSE: PRG) today announced the appointment of Peter Halkett as its new chief executive officer. Halkett, previously the Group’s chief operating officer, takes over from Stefan Preston, who will remain on the PRG Board as a director, completing several projects currently under way, but reducing his day-to-day involvement with the company.

Halkett has extensive experience in the retail sector, including twelve years in appliance retailing. He joined PRG in January 1998, as general manager for Noel Leeming and Computer City and was promoted to general manager (Retail), responsible for all Noel Leeming, Computer City and Bond & Bond stores. He then became chief operating officer, working closely with Preston to turn around the company’s performance and establish its strategic direction and leading the recent acquisition of homeware and gifts retailer Living & Giving Ltd.

Prior to joining PRG, Halkett spent eight years in various roles, including that of general manager (Trading) for Southpower. During this period he also completed his Master of Business Administration (MBA).

Commenting on Halkett’s appointment, Chairman Maurice Kidd says: “Peter’s elevation to the CEO role is consistent with the board’s strategy of putting in place the processes, structures, disciplines and people that will support profitable managed growth. We commenced this with last year’s restructuring and foreshadowed this move when we appointed him as COO, as part of our overall succession planning. His performance in that role and his contribution to the smooth integration of the operating units has resulted in this further promotion. His considerable experience in the retail business and particularly the role he played in helping restore PRG to profitability, will ensure a continuation of the Group’s success.”

Mr Kidd also praised the work of outgoing CEO, Mr Preston, who was appointed in August 1999 to turn around PRG’s poor performance: “Stefan has done a tremendous job restructuring the business and enhancing its performance. We’re delighted that he will remain as a director, providing strategic advice to the group. The profound thanks of the PRG board goes to him for his contribution to date and we welcome his continuing input into the company’s growth.”

Stefan Preston says: “Peter and I have worked very closely together during my time as CEO - Peter’s excellent understanding of PRG’s business and in-depth involvement with the company to date, makes him the ideal person for this role and will also ensure a seamless transition.”

About PRG
Pacific Retail Group is an NZSE-listed retail company. The appliance, electronics and computer retailer has 90 stores and sales of over $360 million, trading through its Noel Leeming, Bond & Bond, Computer City and Pacific Retail Finance brands.
For further Information Contact
Peter Halkett
Chief Executive Officer
Pacific Retail Group
+64 9 359 4400
Peter.Halkett@prg.co.nz Allan Botica
Botica Conroy & Associates
+64 21 400 500
allanb@bca.co.nz

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