He said the deal had been based on existing management remaining and taking a substantial equity interest in the new company.

The management of the company remains as then, a family affair.

The ports' current management, led by its chairman, Michael Seymour, will remain.

The spokesman said the existing management of the company remained in place as an administrator had not been appointed.

Ownership and management of the business have remained in the Carter family.

Harcourt officials said they had received assurances that the current management would remain in place.

Revco's management would remain in place, the committees said.

In return, insiders said, it agrees not to fundamentally change the company or sell its shares for three years, so management effectively remains as is.

The management of the Puri temple, however, remained in his hands.

Operational management of the entire national railway network remained in Wellington.