Pike River CEO steps down, shares fall

Pike River Coal, the company developing a coal mine on the West Coast, will lose its chief executive, Gordon Ward, at the end of October.  

PRC will announce his successor soon, the company says. Ward has led the company from its concept design phase 14 years ago up until its second export shipment which happens this month.

“The board wishes to express its thanks to Ward for his significant contribution to the growth of the company over what has been an extended and often difficult period of mine development,” the company said.

PRC’s operation has been hit by a myriad of problems over the years which have seen a number of delays. It managed to avoid any new problems with the Christchurch earthquake over the weekend to get its second export consignment loaded at Lyttelton Port.

PRC shares fell 1.8% to $1.08 after the announcement.

Businesswire.co.nz

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