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Trustpower Chairman Calls It A Day

Avon Carpenter, Chairman of TrustPower Ltd, has given notice of his intention to retire as a Director and Chairman of the Company on 31 December 2000.

Mr Carpenter has been Chairman of the Company since it was corporatised under the Electricity Industry Reform Act 1993 and prior to that was a Board Member and Chairman of its predecessor the Tauranga Electric Power Board.

Mr Carpenter said, “It is naturally with some regret that I am severing my long association with the Company. It has been extremely rewarding to work with such a highly skilled and professional management team who have really rejoiced in the challenges and built a company that for all round performance is currently clearly the industry leader.”

“The electricity industry has, throughout the ten years of my involvement, been subject to constant change and the target of considerable political focus. These factors have inevitably given rise to many difficulties but at the same time have created opportunities. That these opportunities have been grasped and turned to advantage is evidenced by the Company’s impressive growth – since listing as a public company in April 1994 annual revenues have increased from $53.2 million to$428 million while assets have moved from $83.2 million to $813.4 million in the same period. Profitability has shown an equally impressive growth rising from $5.7 million after tax in 1994 to $26.8 million in 2000.”

Mr Harold Titter who will take over the Chairmanship of the Company on Mr Carpenter’s retirement noted the outstanding leadership that Mr Carpenter had given to the Company since its inception in 1994. His linkage with senior management and the Board had played an important part in the Company's growth and development.

Mr Titter said “The momentum of the Company is driven to a considerable extent by its excellent management and staff as referred to by Mr Carpenter. This team, together with the Board, look forward with confidence and enthusiasm to the further growth and development of the Company in the years ahead.”

HAROLD TITTER
DIRECTOR

For further information phone 07 574 4866.

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