Executive silent on 'early retirement’

Press, 7 November 1984, Page 9

Executive silent on 'early retirement’

By

LES BLOXHAM,

The man who on Monday headed one of New Zealand’s biggest and most successful travel companies relaxed yesterday in shorts and T-shirt in the garden of his Fendalton home.

Mr Philip Phillips, former chief executive and managing director of the Mount Cook Group, adjusted the sun-shade and settled back with a cup of coffee. “This certainly beats being at the office,” he said.

Mr Phillips, whose five years at the helm of Mount Cook came to an abrupt end on Monday morning, would not discuss publicly the reasons behind the decision. Nor would the company.

A spokesman declined to elaborate on Monday’s brief statement announcing Mr Phillips’ “ early retirement” and the appointment of Mr Nelson Tolerton as executive officer.

Mr Phillips, who is 50, said yesterday that he had no immediate plans for the future. He admitted, however, that one of his first tasks would be the dusting down of his fishing rod.

The congenial Welshman, who started out as a school teacher, can reflect with pride on his term with the Mount Cook Group.

Under his leadership net profit increased from $1 million in 1979 to $4.6 million last year. Revenue in the same period rose

from ?23 million to ?66 million.

In 1979, the company’s shares were worth $1.60; yesterday they were being quoted at $5.50. The over-all improvement was achieved in spite of a sharply reduced growth in in-bound tourism between 1980 and 1983, and several adverse ski seasons at Coronet Peak.

Mr Phillips has left the company with one great regret: that he failed to persuade the board to invest in modern jet aircraft. He was a strong advocate of the 8Ae146, a Britishbuilt four-engine jet-liner which demonstrated its versatility and handling on the company’s routes last year.