Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Mighty River Power taps company insider Whineray as CEO

Mighty River Power taps company insider Fraser Whineray as CEO, replacing Heffernan

May 1 (BusinessDesk) - Mighty River Power, whose shares have been below their listing price since May last year, named company insider Fraser Whineray as chief executive when long-serving CEO Doug Heffernan leaves at the end of August.

Whineray is currently general manager of operations at the Auckland-based power company, which is about 52 percent owned by the government following its initial public offering last year. The shares last traded at $2.325 compared with the IPO price of $2.50 and are rated a ‘buy’ based on the consensus of seven analysts polled by Reuters.

Mighty River Power hired Whineray from Carter Holt Harvey in 2008. He is currently responsible for the company’s hydro, geothermal and gas-fired generation and wholesale markets portfolio. He previously worked in the dairy industry and at Credit Suisse First Boston, the power company said in a statement.

Whineray beat off external candidates during a global search for a new CEO that began in 2013, the company said.

Chair Joan Withers said he was a “standout candidate”.

In February, Mighty River Power posted a 3.7 percent gain in first-half earnings as revenue fell 12 percent. It affirmed its prospectus forecast for annual earnings before interest, tax, depreciation, amortisation, and fair value adjustments of $498 million.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Trade Plans: Prime Minister's Speech To International Business Forum

"The work to improve public services, build infrastructure, and solve social problems is possible only because we have enjoyed sustained, solid economic growth. A big reason for that is the Government’s consistent agenda of economic reform, and our determination to open up more opportunities for trade with the world." More>>

ALSO:

Media: TVNZ Flags Job Cuts To Arrest Profit Decline

Chief executive Kevin Kenrick said the changes were aimed at creating "a sustainable future video content business for TVNZ in an ever-changing media market." More>>

ALSO:

Reserve Bank: Wheeler Keeps OCR At 1.75%

Reserve Bank governor Graeme Wheeler kept the official cash rate unchanged at 1.75 percent, as expected, and reiterated his view that the benchmark rate doesn't need shifting for the foreseeable future. More>>

ALSO:

f work for Pumpkin Patch staff

Retail: Pumpkin Patch Brand, IP Sold To Catch Group

The receivers of failed children's clothing retailer Pumpkin Patch have confirmed that the company's brand and intellectual property have been sold to Australian online retailer Catch Group. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news