Guinness Peat Group's Tony Gibbs has no regrets over a statement opposing the company's demerger plan that cost his job.

"I don't resile from anything I've done," Mr Gibbs said of his decision to break ranks with the rest of the GPG board.

"I believe that what I've done was in the best interests of shareholders, the company and my own conscience -- I stand by that."

As reported yesterday, GPG terminated Mr Gibbs as executive and a director of the diversified investment company on a breach of boardroom protocol. This comes after he issued a statement to the New Zealand share market late last week denouncing a plan to demerge its Australian assets, claiming a lack of shareholder support.

The decision to terminate Mr Gibbs' employment, made at a board meeting on Monday evening, was "taken with much sadness," according to company chairman Sir Ron Brierley.

"Tony was a great achiever for GPG in earlier times and we worked together, closely and effectively, for nearly 20 years," he said.

"More recently, however, there have been increasing difficulties, culminating in last week's serious breach of boardroom protocol. In these circumstances, there was no alternative to the action taken."

Mr Gibbs, a self-made millionaire who acquired and sold various companies in his 20s has long been considered Sir Ron's right-hand man in New Zealand. Throughout his career, he has served on more than 40 boards and has been the country's highest paid executive several times.

Mr Gibbs said he was not shocked by the board's response to his comments.