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

 

Meridian CEO Binns to stand down this year

Meridian CEO Binns to stand down this year after steering firm from SOE to NZX heavyweight

By Jonathan Underhill

June 22 (BusinessDesk) - Meridian Energy chief executive Mark Binns will step down at the end of the year, having joined from Fletcher Building almost six years ago and steered the power company from state-owned enterprise to NZX heavyweight.

Binns will leave on Dec. 21 and Meridian's board plans to meet shortly to consider the process for hiring his replacement. No reason was given for his departure. He had been Fletcher's original Christchurch rebuild czar before being tapped for Meridian's top job.

The government attracted some 62,000 New Zealanders to the selldown of 49 percent of Meridian at $1.50 a share, the bottom of the indicative range of $1.50 to $1.80, with the stock sold via installment receipts. They last traded at $2.985, a gain of 99 percent, giving the company a market capitalisation of $7.65 billion.

"Meridian has performed exceptionally well since listing,” Chris Moller said in a statement. Binns had done an "excellent" in "leading Meridian through this transformative period."

In February, the company posted a 6 percent gain in first-half operating earnings while lifting its interim dividend by 4.5 percent to 5.33 cents a share.

(BusinessDesk)

ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Crown Accounts: Slightly Softer Growth Expected In PREFU

A slightly softer growth forecast is the main feature of largely unchanged Pre-election Fiscal Update compared to the Budget forecasts three months ago, Finance Minister Steven Joyce says. More>>

ALSO:

Water: Farming Leaders Pledge To Help Make Rivers Swimmable

In a first for the country, farming leaders have pledged to work together to help make New Zealand’s rivers swimmable for future generations. More>>

ALSO:

Unintended Consequences: Liquor Change For Grocery Stores On Tobacco Tax

Changes in the law made to enable grocery stores to continue holding liquor licences to sell alcohol despite increases in tobacco taxes will take effect on 15 September 2017. More>>

Back Again: Government Approves TPP11 Mandate

Trade Minister Todd McClay says New Zealand will be pushing for the minimal number of changes possible to the original TPP agreement, something that the remaining TPP11 countries have agreed on. More>>

ALSO:

By May 2018: Wider, Earlier Microbead Ban

The sale and manufacture of wash-off products containing plastic microbeads will be banned in New Zealand earlier than previously expected, Associate Environment Minister Scott Simpson announced today. More>>

ALSO: