Meridian Chief Executive To Step Down In March '08

MEDIA RELEASE
12 November 2007

Meridian Chief Executive To Step Down In March 2008

Keith Turner, Chief Executive of state-owned Meridian Energy, announced today he will step down from the role on 31 March 2008.

Meridian Chair Wayne Boyd said he accepted Dr Turner’s resignation with regret. “Keith made a personal decision that this was the right time for a new chief executive to take Meridian forward into its next phase of growth, and I respect his decision.”

Dr Turner said that it had been an incredibly difficult decision.

“I’ve been here since day one in 1999 and I have been privileged to lead a wonderful team of dedicated professionals. I believe that all companies benefit from fresh thinking, and now is the right time for Meridian.”

“Renewable energy is an idea whose time has come, and Meridian has an incredible pipeline of commercial opportunities that will deliver new value well into the future.”

Dr Turner cited the 55 per cent increase in the capacity for Manapouri power station and the 2005 sale of Meridian’s Southern Hydro subsidiary in Australia for $652 million profit, as two highlights of his tenure.

“We’ve showed that renewable energy is not just good for the environment, it can be good for business too. While some people think that sustainability is just a fashion, Meridian has been walking the talk for nearly nine years now.”

Mr Boyd noted that in just the last few months Meridian had opened the White Hill wind farm in Southland, started construction on Project West Wind near Wellington, and received resource consent for the 176-turbine wind farm Project Hayes in Otago.

“Keith will be leaving Meridian in great shape for a new chief executive to deliver another era of sustained growth in many different spheres.”

Mr Boyd said that a national and international search for a new chief executive would begin immediately. “Meridian is one of New Zealand’s largest and most successful companies, and I know the role will be highly sought-after,” said Mr Boyd.

ENDS

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