Veritas Chairman, Mark Darrow, has notified Veritas Investments that he will step down from the board at the end of the financial year. “Several private business projects that need my time and attention mean I will not be in a position medium term to chair the board of NZX main board-listed Veritas. This has been a demanding but rewarding role as the group successfully completed four acquisition projects from a standing start and in a relatively short period of time,” commented Darrow.
His involvement with Veritas stems back four years as he was part of the negotiations to take over the original NZX-listed shell company and was one of the founding directors when Veritas was then formed as an investment company in late 2012 targeting the food, beverage and hospitality sectors.
“After a busy four years, this is an opportune time to stand aside. By the end of June 2015 the FY16 business planning and strategy work will have been completed, including a full market update for the year ahead,” said Darrow.
“I remain an enthusiastic, supportive and acquiring shareholder and see FY16 as the year the Veritas Group shows the potential it has through the performance of the four business units after the recent settling in period.”
Veritas directors have appointed Tim Cook as acting chair while a review of the board make up is considered. Cook will work closely with Darrow during the month to ensure a smooth transition occurs.
Veritas made its first acquisition of the Mad Butcher franchisor business in May 2013 through a reverse acquisition transaction. A further investment was made in December 2013 for 50% of Kiwi Pacific Foods Limited. In September 2014 Veritas acquired the Nosh Food Market business and in November 2014 Veritas acquired the BBC group business.
