Page 7 - 2021 NZPM Annual Report

Following a business review with PwC in the latter half of the year, we merged several
of the internal activities of Plumbing World, Metrix and NZPM to further improve our
co-operative synergies. Alignment of our core finance, technology, warehousing,
freight and health and safety functions has already reduced costs and improved
efficiencies, and has given Metrix additional sales impetus through greater
specification opportunities.

To further capitalise on our strategic opportunities, the board restructured the
NZPM Executive Team and appointed Mr Rob Kidd as NZPM Chief Executive Officer
in October 2020. Mr Kidd was previously General Manager of Plumbing World for
nine years, and his new role is to manage and lead the co-operative with a unified
strategy. Former Metrix General Manager Mr Garry Ivill left the business in December
in conjunction with the restructure of the executive team, and Mr Brett Cruickshank
continues in the role of Chief Financial Officer.

We remain committed to the sustainable growth of the co-operative, and in early
2021 we implemented an environmental and social responsibility plan that focuses
on doing the right things for our business and our society. We are passionate
about implementing this plan in a way that not only creates long-term shareholder
value, but also meets the needs of all stakeholders, including our communities and
the planet.

2021 Annual Report 5