They said they had given the matter “considerable thought” and did not believe they could continue to discharge their responsibilities as independent directors, including, in Joyce’s case, as chair and, in Fergusson’s case, as chair of the company’s audit, finance and risk committee.
They had “therefore concluded that it is appropriate for us to resign”.
“We have not taken this decision lightly,” they said in the statement.
“Throughout our time on the Winton Land Limited Board, we have sought to act in the best interests of the company and all its shareholders and to exercise the independent judgement expected of us as directors.”
Meehan, who is a 55% majority shareholder of Winton alonside his wife Michaela, has been approached for comment.
In a statement to the NZX, Winton said: “The board thanks Mr Joyce and Mr Fergusson for their respective contributions to the board and their support and expertise for the company.”
Joyce, a former National Party Government minister who now holds a number of directorships and is also chair of Herald publisher NZME, said on a Winston investor call today that he and Fergusson had announced their resignations this morning.
The resignations are effective from Monday.
“We want to thank our fellow directors and the Winton team for their support during our time on the board. We don’t plan to answer any further questions in regards to that at the moment,” Joyce said on the investor call. “But we’ll have more on that later.”
The resignations follow Winton’s announcement in early July that Chris Meehan had resigned as chair and chief executive with immediate effect.
Former Winton chief executive Chris Meehan remains a non-executive director and the company’s largest shareholder. Photo / Jason Dorday
That announcement followed reports of multiple personal grievances or written complaints from staff about allegedly aggressive behaviour.
In March last year, the Employment Relations Authority ordered Winton to pay Meehan’s former executive assistant Leah McCann $100,846, including $74,846 for lost wages, compensation of $25,000 and a penalty of $1000.
McCann had taken a case against Meehan over the way she had allegedly been treated, including, in one incident, his alleged reaction to a business-class seat on a long-haul flight.
“That was the worst f***ing flight I have ever f***ing taken, how the f*** did I end up in seat 29 between the bar and the toilet?” he told her over the phone, according to evidence to the authority.
Winton told the NZX in July: “Mr Meehan has resigned during the concluding stages of a board-led employment process (unrelated to Winton’s performance or financial reporting) and following taking leave for health reasons.
“Mr Meehan remains a director of Winton and will consult to the company on major development projects, as required.”
As well as remaining a non-executive director, Meehan and his wife Michaela are the company’s largest shareholders.
At the same time as Meehan’s departure was announced, Joyce, who had been an existing director, was elected chair.
In his and Fergusson’s statement today, the pair said of their departures: “Importantly, our decision to resign does not reflect our confidence in the company’s people or their commitment to its future. Throughout our time on the board, we have seen very high levels of professionalism, resilience and commitment across the organisation.
“We particularly want to acknowledge the senior leadership team, who have led the company with skill, calm and integrity.
“It has been a genuine privilege to work alongside the Winton team. We would like to thank them for their support during our time on the board and wish them well for the future.”
Winton’s financial results
Winton is a property development firm, which owns and operates the Ayrburn restaurant and hospitality precinct near Arrowtown, and is developing and planning residential or retirement village projects at multiple locations including in south Auckland, Wānaka and Te Kauwhata.
Earlier on Wednesday, Winton announced a net profit after tax of $22.7 million for the 12 months to June 30 – a 119.6% increase on its $10.3m profit in 2025.
That came on the back of a 21.5% increase in revenue – to $188.8m. Earnings before interest, tax, depreciation, and amortisation (Ebitda) for the period was $45.6m, a 114.1% increase.
Winton also released its annual report today, showing Meehan received $1,958,477.42 in the 12 months, in his role as chief executive, and a further $107,921 for his role as chairman.
“Market conditions across New Zealand were decidedly mixed, with the Auckland market remaining subdued while conditions in other regions proved more resilient,” Joyce said in a statement.
“The New Zealand economy looked set to improve early in this calendar year, but the war in the Middle East provided a significant setback to the trading environment for Winton as it did for many other companies.
“Against that backdrop, a higher volume of residential settlements and a full year of trading across the Ayrburn venues, together with the opening of Bravo at Cracker Bay, supported a significantly improved profit result for the year.”
Winton’s Chris Meehan at the Ayrburn hospitality precinct near Arrowtown. Photo / Jason Oxenham
The statement referenced Meehan’s earlier resignation as chief executive and chair, saying the board had started a “comprehensive process” to find a new CEO.
It said the board had confidence that the senior leadership team would continue to successfully deliver on Winton’s plans and performance.
“Julian Cook, executive director of retirement, has assumed an expanded role in an interim capacity to support the senior leadership team.”
Winton also continued to pause dividends “to maintain financial discipline during the current softer market conditions but is actively considering how and when it might resume dividends to shareholders”.
“Winton is cautiously positive about an improvement in trading conditions in the year ahead, but the level of economic uncertainty remains high,” Joyce said.
“The company will remain focused on converting its landbank into settlements, progressing its major projects at Sunfield and the Ayrburn Screen Hub, and optimising its commercial and retirement offerings.
“The board will shortly review projects for investment and will update shareholders on any specific decisions made as a result of that process.”
Winton shares opened at $1.38 on Wednesday.
Editor-at-Large Shayne Currie is one of New Zealand’s most experienced senior journalists and media leaders. He has held executive and senior editorial roles at NZME including Managing Editor, NZ Herald Editor and Herald on Sunday Editor and has a small shareholding in NZME.