Oyster Bay Marlborough Vineyards has appointed a new director to its board.

The New Zealand wine company confirmed yesterday (16 April) that Ross Keenan has retired and will be replaced, with immediate effect, by Sandy Maier. The move will see Maier join the board as an independent director.

Maier has a background in investment banking with Citicorp and was statutory manager of Development Finance Corporation. For the past decade he has been a consultant in addition to holding several director appointments.

Shareholders will decide the permanence of Maier's appointment at the company's annual general meeting in November, Oyster Bay said.

In 2006, Oyster Bay was acquired by Delegat's Group. The group, which already held a 33% stake in Oyster Bay, had to battle with fellow Oyster Bay shareholder Peter Yealands, who had accused the two companies of holding back information from shareholders on the value of its vineyards.