Tuesday 24th July 2012
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The New Zealand Refining Company has appointed a senior Shell executive, Sjoerd Post, as chief executive to suceed Ken Rivers.
As previously announced, Rivers plans to return to Britain when he ends his tenure in December and until Post takes over in January, project director Jack Ariel will be acting chief executive, chairman David Jackson .said in a statement.
Post is currently an executive vice president with Shell International Petroleum Co overseeing its downstream strategy and portfolio based in London, a position he has held for the last year after running Shell's global aviation fuels and lubricants business for the previous five years.
He has spent 30 years with Shell and early in his career worked for Shell New Zealand in IT and telecommunications, sales and customer service before moving to Europe.
"Sjoerd proved himself a very strong candidate for this critical position," Jackson said. "The board believes his skills and experience are not only a good match for the challenges the company faces but that he will build on the strategic direction and performance improvement journey that Refining NZ is on."
Rivers was also a Shell executive. Shell used to own 17.1 percent of Refining NZ. It sold its stake, its New Zealand petrol stations and 25 percent of Fly Buys in 2010 to Z Energy, a joint-venture between listed infrastructure investor Infratil and the government's New Zealand Superannuation Fund.
Refining NZ shares are down 3 cents at $2.24. The shares have been trending lower since hitting $5.20 in February last year, reflecting ongoing volatility in refining margins and expectations of lower dividends as it embarks on a $365 million upgrade.
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