Hellaby Holdings has announced the resignations of Neil MacCulloch as chief operating officer and Greg Batkin as chief investment officer, with neither position to be filled as the company moves towards a decentralised business model.

The decision was announced by Alan Clarke, managing director and CEO, Hellaby Holdings, who joined the company in November 2015 and begun an in-depth internal review.

“I was delighted to find that Hellaby has some fantastic scalable business groups where there are significant opportunities for us to add value and deliver attractive medium to long-term investment returns to our shareholders,” said Clarke.

The decentralised model is designed to bring the board and individual group management closer together, allowing easy interaction over topics including strategy, markets, customers and people.

“The Board fully supports the new strategic direction and believes it will enhance medium-to-long term shareholder value as we position ourselves as a more focused owner and builder of scalable industrial and service-related businesses," said Steve Smith, board chairman, Hellaby Holdings.

The group currently employs 3,000 staff across New Zealand, Australia, the Middle East and the Americas, and operates the footwear retailers Hannahs and Number One Shoes.