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Wynyard chairman Horn resigns

NZ NewswireNZ Newswire 22/05/2016 Paul McBeth

Wynyard Group chairman Murray Horn has resigned from the board as he scales back his workload citing health concerns.

Dr Horn, who was previously a Treasury secretary and head of ANZ Banking Group's local arm, stepped down as a director of the intelligence software developer effective from Monday, the company said.

Director Guy Haddleton will assume the chair, while Susan Patterson won't seek re-election at next month's annual meeting.

"Wynyard has taken a huge amount of time and energy in the lead-up to the rights issue earlier this year and subsequently as we started to implement the learnings from that period," Dr Horn said.

"Medical advice sought over the last few weeks is that I should not try and continue to work at the same full pace and need to consider reducing the range of roles I undertake."

Wynyard raised $30 million in a deeply discounted rights offer in March when plans to raise funds from foreign investors at a higher price were scuttled by the slump in global equity markets at the start of the year.

The boardroom shuffle comes after Wynyard reorganised its management structure and the exit of chief financial officer Murray Page.

Wynyard shares last traded at 69 cents and have sunk 62 per cent this year.

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