Tainui Group Holdings CEO Moves On

Monday, May 15, 2006

Tainui Group Holdings CEO Moves On

The Chairman of Tainui Group Holdings, John Spencer, today confirmed that the Company's Chief Executive, Steve Murray, has resigned.

Mr Spencer said Mr Murray has accepted the position of Managing Director of EDS New Zealand, the New Zealand arm of leading global technology services company EDS.

Mr Spencer said the company was sorry to lose the services of Mr Murray.

"Mr Murray has made a major contribution to the company's turnaround in performance over the past four years," Mr Spencer said. "He has created a new culture, a new business model and a renewed respect for the company which together form a solid foundation for its future growth."

"On behalf of the company I would like to take this opportunity to record our thanks for his contribution and to wish him every success as he moves on to his next challenge."

Mr Spencer said the Board of the company is already identifying the process it will follow to find a new Chief Executive for Tainui Group Holdings.

"The company has a number of significant developments underway and others at various stages in the planning pipeline so there are plenty of challenges for the company and new CEO over the next few years."

"The transformation of the company has largely been completed and the person we are looking for now is someone who will be able to manage a strong team through an exciting phase in the company's development."

Mr Murray will stay with TGH until the end of June. In the meantime Mr Spencer said it will be business as usual for the company during the transition phase.

ENDS

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