Alan McConnon has resigned from the PGG Wrightson board as a result of financial problems plaguing his company, Rural Portfolio Investments.
The resignation, announced yesterday and effective immediately, follows the appointment on Monday of receivers for Rural Portfolio Investments (RPI) and Rural Portfolio Capital, investment companies owned by Dunedin's McConnon family and Craig Norgate.
Mr McConnon's appointment to the PGG Wrightson board on March 1 this year came after stints by his brother Baird and RPI managing director Craig Norgate as directors of the company.
Mr Norgate is a former chairman of the company.
Alan McConnon was a PGG Wrightson appointee to the board of Wool Partners International and to the New ZealandMerino Company board.
A biography on the PGG Wrightson website says Mr McConnon has had a management career in fast-moving consumer goods, predominantly in marketing, but also in information technology, logistics, sales and exporting.
He has also had experience in consultancy and marketing in Australia, South America, Asia and the Middle East.
Mr McConnon was approached for comment on the problems facing RPI yesterday, but declined, saying it was inappropriate given receivers had just been appointed.
RPI and its subsidiary, Rural Portfolio Capital, were placed in receivership after the company said it had breached its trust deed obligations by not having $1.45 million to deposit in its dividend escrow account, as required for its redeemable preference shares.
