Ngai Tahu financial head sent packing as board chairman

Commercial leader and Ngai Tahu Holdings (NTH) chairman Wally Stone has been ousted in an apparent boardroom coup that has shocked local runanga.

Stone, of Kaikoura, has been on the NTH board since 2006, and chairman for the past two years, but yesterday was removed suddenly at a closed session of a Te Runanga o Ngai Tahu (Tront) council meeting.

Sources said the 18 Tront representatives voted 11 to seven to remove Stone as chairman, with effect from 6pm last night.

Tront kaiwhakahaere Mark Solomon refused to comment last night, saying he would talk this morning.

A statement from Tront said board member Linda Constable had been appointed interim chairwoman, but gave no reasons for Stone's departure.

Stone could not be reached for comment.

On Saturday, it was revealed runanga members were alarmed by Ngai Tahu plans to spend $52 million on a cultural centre and office block in Christchurch.

Runanga chairmen who talked to The Press said Stone's departure was difficult to believe. Stone had led the growth of Ngai Tahu's business assets and was essential at a time when the tribe needed the best business acumen to stave off the economic downturn.

The $600m commercial group, which passes on profits from businesses including property, tourism and seafood to Tront for distribution to iwi, recorded a net surplus of $58.2m in the 12 months ending June 30 last year.

Ngati Waewae runanga chairman Francois Tumahai said Stone had been an inspiration.

"He and his members have built us up to the point where we are doing really, really well. Now they get rid of him. It's appalling.

"There's a number of them at the table that want control of the whole tribe. There's supposed to be a clear distinction between the holding company and the governance side of things.

"What's happening is the politicians want to take over the holding company. They want to rule the roost."

Kaikoura runanga chairman Thomas Kahu said Stone's removal was "gobsmacking".

"This has taken us completely out of the blue. Wally is an absolute icon and is held in very high regard. I find it hard to believe, to be honest.

"They have chosen to remove our commercial leader in a time when we are sitting in the middle of a recession. It's unheard of."

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