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

 

Contact Energy names Rob McDonald as board chair

Contact Energy names Rob McDonald as board chair, replacing Ralph Norris

By Tina Morrison

June 14 (BusinessDesk) - Contact Energy chair Ralph Norris is stepping down from the board of New Zealand's largest electricity retailer having overseen a board refresh following the departure of majority owner Origin Energy.

Director Rob McDonald will take over as chair from Sept. 1, and the company expects to appoint new directors over the coming months to fill the gaps left by the resignation of Norris and the previously announced resignation of Sue Sheldon, Wellington-based Contact said in a statement.

Norris joined the board in November 2015 and was appointed chair at the following month's annual meeting, replacing Phil Pryke. His appointment was a first step in refreshing the Contact board following the sale by Origin Energy earlier that year of its 53.4 percent majority shareholding in the NZX-listed electricity generator and retailer, which was the first state-owned power company to be privatised in a process that began in 1999.

Contact said today that Norris was integral to the establishment of the refreshed board after the sell down by Origin Energy and will stand down having successfully transitioned Contact from a majority-owned company to a widely held company that continues to perform strongly and has clear strategic direction.

McDonald's career spans over 30 years, having worked overseas before joining Coopers and Lybrand in the corporate advisory and valuations practice in 1985, and is a former chief financial officer at Air New Zealand. He is a director of Chartered Accountants Australia and New Zealand, a former board member of the Institute of Finance Professionals New Zealand Inc, and the former vice chair of the IATA Financial Committee. He has a Bachelor of Commerce from Auckland University and in 1999 completed the Program of Management Development at Harvard Business School.

Contact shares advanced 0.2 percent to $5.89, having gained 15 percent over the past year.

(BusinessDesk)

ends

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Housing: Foreign Buyer Ban Gets Smoother Edges

Amendments to the government’s foreign buyer ban, if introduced, would give overseas investors more leeway to put money into New Zealand housing developments. More>>

ALSO:

Te Kuha: Govt Declines Application To Mine Conservation Land

An application to mine coal on public conservation land near Te Kuha in the Buller District has been declined, Minister of Conservation Eugenie Sage and Minister of Energy Resources Megan Woods announced today. More>>

ALSO:

Fieldays: Deer Milk Wins Innovation Award

Pāmu’s (formerly Landcorp) focus on innovation in the food business has been recognised at the 50th Fieldays, winning the Innovation Grassroots awards, with its ground-breaking deer milk product. More>>

ALSO:

Milking It: Regulator Concerned At Fonterra's Price Calculations

The Commerce Commission says it is concerned that the 'asset beta' Fonterra Cooperative Group uses to determine the farmgate milk price is too low, meaning it ends up paying its farmers a higher price for their milk than would be warranted under the company's enabling law. More>>

ALSO:

Antarctica: Waves Trigger Ice Shelf Collapse

Ocean waves following sea ice loss trigger Antarctic ice shelf collapse Storm-driven ocean swells have triggered the catastrophic disintegration of Antarctic ice shelves in recent decades, according to new research published in Nature. More>>

ALSO: