Beldotti resigns from IPE post

Press, 28 November 1987, Page 35

Beldotti resigns from IPE post

PA Wellington Mr David Beldotti, the managing director of InterPacific Equity and its finance subsidiary, National Pacific Corporation, has unexpectedly left the two companies. Mr Malcolm McConnell, the chairman of both companies, announced Mr Beldotti’s departure in a brief statement to the Stock Exchange yesterday.

He said he would assume the role of executive chairman in Inter-Pacific Equity and National Pacific. Mr Beldotti had also been managing director of McConnell Dowell before its merger with Inter-Pacific Equity to form a company with diverse finance, construction, manufacturing and property interests.

“The board of directors consider essential the need for close and direct communication between corporate management and operations management,” was the

only clue in the statement to the reason for Mr Beldotti’s departure. Neither Mr Beldotti nor Mr McConnell were available for comment yesterday. As little as a week ago Mr Beldotti seemed secure as managing director. Last Monday, he hosted a briefing to tell journalists of the two companies’ plans for the future in light of the sharemarket crash.

At that briefing, he also introduced the former joint managing director of Owens Investments, Ltd, Mr Don Shelton, as a new financial executive.

In spite of Mr Beldotti’s departure, Inter-Pacific Equity and National Pacific are not planning any more management changes, according to Mr McConnell’s statement

Both companies have been extensively, and often unpopularly, restructured over the last year, with Inter-Pacific taking over the businesses of

McConnell Dowell Corp, Ltd, and National Pacific taking a half interest in the sharebroking firm of Renouf Partners and moving its head office from Dunedin to Auckland. The McConnell Dowell merger led to the Australian financier, Mr Bob Seldon, being appointed to the InterPacific board and National Pacific’s move prompted the then chief executive, Mr Russell Hendry, to resign. Several of the partners in. Renouf, which was assimilated into National Pacific and renamed National Pacific Securities, resigned earlier this year. Mr Beldotti joined McConnell Dowell from the position of project director for the Badger-Chiyoda joint venture building the Marsden Point oil refinery expansion.

He was involved with the Marsden Point project for three years and earned himself a reputation as a tough operator on the strike plagued site.

Hawkins joins Equitcorp Holdings’ chairman, Mr Allan Hawkins, has been appointed a director of Advance Bank Australia, the bank has announced