Wellington, New Zealand, December 14, 2005--Feltex has appointed Peter Thomas as its new chief executive officer, according to the New Zealand Herald.
Thomas has been a director of Feltex since 1997 and has been acting chief executive since former CEO Sam Magill left the role in August.
Thomas said he was in no doubt Feltex was a fundamentally sound company.
"Feltex has a good team of people who need new leadership to reach their potential, and to realize the company's potential," he said.
He said he was determined to implement new measures to improve shareholder value.
"There are some real challenges ahead for Feltex. I relish challenges and I am confident in the company's future. Feltex has immense potential and I am excited about having a leading role in this potential being realised," he said.
Thomas' appointment followed a global search, in which international executive recruitment company Korn Ferry advised Feltex.
The carpet maker has had a troubled run of late, with its share price plummeting from a high of $1.70 in February to a low of 39c in June after it issued profit downgrades.
