Gary Paykel steps down

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Gary Paykel has stepped down as Fisher & Paykel Appliances’ chairman and will be replaced temporarily by former Fletcher Building CEO Ralph Waters.

F&P, which was forced into a major capital raising initiative including the sale of a cornerstone shareholding to Chinese rival Haier this year after breaching its banking covenants, said Paykel would step down as chairman but remain a director.

The company had previously announced that Paykel, a former CEO and son of F&P Industries co-founder Maurice Paykel, would retire from the board no later than August 2012. However, F&P said he had now decided it was the right time to vacate the chairman's role. The company is due to report interim results tomorrow.

"The introduction of a cornerstone shareholder, the renegotiation of banking arrangements and the capital raising, all overseen by Gary Paykel, have been completed," F&P said.

 "The next key decision is the appointment of the new CEO and Mr Paykel said that this change will allow that process to be completed with the maximum degree of independence."

Meanwhile, Waters said he would not serve as long-term chairman. Rather he planned to oversee a number of key decisions including the appointment of the new CEO and board refreshment.

The company had announced in May with its capital raising plans that Waters would step down as a director.

Paykel joined the family company as an 18-year-old in 1960.