Friday 8th November 2013
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KiwiRail, the state-owned rail service, named Peter Reidy as its new chief executive from February, replacing Jim Quinn who will leave at the end of his five-year term next February.
Reidy has a successful track record of leading and building service and infrastructure-based businesses in the freight, engineering, energy, building products and asset management sectors in Australia, New Zealand, Asia and the U.K., KiwiRail chairman John Spencer said in a statement.
A New Zealander, Reidy is currently based in Australia as chief operating officer, infrastructure services, with Downer EDI Group.
"New Zealand needs a strong, safe and sustainable rail and ferry business for all our customers including exporters, businesses, the travelling public and international visitors," Reidy said in the statement. HHe aims to "continue the transformation strategy which will enable the business to play an important part in the future growth of New Zealand as it has done over the last 150 years."
KiwiRail posted an operating surplus of $108 million last financial year but is at least a decade away from posting a net profit as the railroad continues to spend more than it earns and writes down the value of assets yet to generate enough cash flow.
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