Image Brett Phibbs, New Zealand Herald 15 Nov 2010

Greg Muir may feel aggrieved about having to resign as Chairman of children’s clothing retailer Pumpkin Patch but it was inevitable.

Although Muir had support from corporate investors such as Fisher Funds, those who spoke out publicly against his reappointment as Chair of Pumpkin Patch voiced their concerns over Muir’s association with, and performance as a director, of several of the companies in the Hanover group that failed.

The public scrutiny and debate that took placed resulted in Muir withdrawing his nomination to be re-elected. In doing so he drew to a close a seven year relationship with Pumpkin Patch that was on track to being lauded, but ended in a less than glorious way.

Muir’s supporters apparently noted that his performance at Hanover Group – which failed spectacularly leaving thousands of investors hundreds of millions of dollars out of pocket, and became known as one of New Zealand’s worst finance company failures – should have no bearing on his reappointment to Pumpkin Patch’s board.

It’s a ‘Pollyanna‘ view that’s completely removed from the real world. It’s entirely appropriate that all performance, ‘good’ and ‘bad’, be considered, irrespective of which organisation a director may be associated with.

Read the rest of this entry »