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  • Updated: Renaissance CEO steps down, takes CFO role at Kordia

    Shaun Rendell, who has been the CEO of Renaissance since Richard Webb left the company late last year, has left the company to take the role of chief financial officer at Kordia.
    Rendall will leave Renaissance on August 31 and begin at Kordia on September 3. He will replace outgoing executive Roger Jarrold who left Kordia in mid-July to take the role of Downer New Zealand CFO.
    Prior to Renaissance, Rendell worked in senior roles in telecommunications in New Zealand and the UK. Kordia CEO Geoff Hunt says Rendell's appointment will help continue Kordia's shift towards becoming more "telco-orientated".

  • Renaissance signals $4.4 million loss

    Following the announcement of Richard Webb's decision to step down as CEO, Renaissance has released its preliminary unaudited results for the year to September 30 2011.

  • Webb exits Renaissance

    Renaissance’s chief executive officer Richard Webb has resigned, the company has announced.

  • Warwick Grey leaves Renaissance for Microsoft

    Renaissance’s general manager for distribution Warwick Grey is leaving the company to return to Microsoft. Grey has confirmed that he is moving to Microsoft and his current role at Renaissance will be filled by CIO Doug Casement.

  • Renaissance takes hit in 'perfect storm'

    Renaissance Corporation expects to incur a loss of earnings of $2.7 million by the time its financial year ends this month, along with $1.3 million in material damage, according to a statement released on the New Zealand Exchange website today.
    The statement cited a letter to shareholders saying that Renaissance has "experienced the perfect storm" in its 2010-2011 fiscal year, including Apple's appointment of a second distributor in New Zealand [Ingram Micro], and the Christchurch earthquakes, among other factors.
    "With the introduction of a second distributor of Apple, it was inevitable that we would lose some market share," the letter states. "What we did not know was how much, in what areas or which customers. Between our year to September 2010 and what we expect for the year to September 2011 sales in distribution and direct sales are down 14 percent. Apple sales in these businesses are down only 8 percent on last year, which is a credible result. We have suffered a slightly greater drop in sales of other product and so, combined with margin reductions, gross margin in this business has declined $1.5 million year on year."
    Overall, the company expects its whole business, with no adjustment for loss of business in Christchurch gross margins, to have declined $4.0 million, or 27 percent in 2010-2011, but to recover in 2011-2012. Part of that recovery will be due in part to the dramatic staff cuts, from 367 last November to 268 now, with 76 of those being chopped from distribution and sales.
    "The significant changes we have made in employee numbers and operating expenditure will begin to flow in 2012," the company says in a statement. "While it is early for us to complete a budget management’s best estimate is that we will record a profit of about $1.5 million in 2012 after an EBITDA of about $4.0 million."

  • Magnum Mac founder named among earthquake victims

    Multiple media reports confirm that Magnum Mac founder and Renaissance board member Murray Wood was trapped inside the CTV building when the Christchurch earthquake hit. But there have yet to be any official confirmation that Wood perished in the quake.

  • Renaissance responds to Apple rumours

    He has only been eleven days in the job, but Renaissance chief marketing officer Warwick Grey is fighting back on market speculation that Apple has picked Ingram Micro as a rival distributor.

  • Renaissance takes step toward profit recovery

    Renaissance Group has posted an after tax profit of $473,000 for the first half of 2010, up 150 percent on the previous corresponding half year but well short of the after tax surplus of $1.46 million it announced for the corresponding 2008 half year.
    In the latest half year announcement, the company's revenue was up seven percent for the period year on year, to $100.8 million. Net debt was reduced from $3 million to below $500,000.

  • New CFO at Renaissance

    Renaissance has named Shaun Rendell as its new chief financial officer, replacing Clive Lewis, who left at the end of December along with the company’s former chief executive, Paul Johnston.

  • New Renaissance CEO named

    Renaissance has appointed a new chief executive to replace Paul Johnston, who resigned last year after the Apple reseller and IT education provider posted worse-than-expected results.