23 Feb 2009

Ngai Tahu Holdings chief replaced

5:19 pm on 23 February 2009

The head of the financial arm of Ngai Tahu has been replaced.

Wally Stone, who has been chairman of Ngai Tahu Holdings for two years, was voted out in a council meeting on Sunday.

Linda Constable has been appointed to the position of interim chair.

The chair of Te Runanga o Ngai Tahu, Mark Solomon, says the tribe has benefitted from Mr Stone's stewardship and has left it in a healthy financial position.

However, some in the tribe reportedly questioned the wisdom of removing Mr Stone as head of the $600 million asset group.

Some say removing Mr Stone now as New Zealand enters a deepening recession does not make sense, and they believe the move was political.

However, Mr Solomon says politics was not a factor and the move was in the best interests of Ngai Tahu.