Changes at Marac and Pyne Gould

Richard Elworthy has announced that he will retire as managing director of Pyne Gould Corporation from July 4.

He will continue as a non-executive director of the company and its subsidiaries Marac Finance, Perpetual Trust and PGG.

"PGC has decided to combine the managing director position with that of Marac chief executive in the new position of managing director Pyne Gould Corporation/Marac Finance. The new position will also include the chairmanship of Perpetual Trust," he company says. Current Marac chief executive Brian Jolliffe will take up the position from July 4.