Fletcher Building's Mark Binns tapped as new CEO of Meridian Energy

Tuesday 4th October 2011

Mark Binns, who is leading Fletcher Building’s efforts to rebuild Christchurch as head of its infrastructure division, has been tapped as chief executive of state-owned Meridian Energy the nation’s largest electricity generator.

Binns, currently CEO of Fletcher’s biggest division, infrastructure, replaces Tim Lusk, who was a director and executive of the Wellington-based power company, according to a statement from Meridian. He is a 22-year veteran of the Fletcher group, predating the split that created Fletcher Building, now the nation’s biggest listed company.

Fletcher CEO Jonathan Ling said Binns will leave in December. No replacement has been named yet.

Binns has overseen Fletcher projects including the Waterview motorway connection in West Auckland, development of Eden Park, SkyCity Entertainment Group, Te Papa and the Manapouri tunnel.

Shares of Fletcher were last at $7.55 and have edged up 1.2% this year. The stock is rated ‘outperform’ based on the consensus of 10 recommendations compiled by Reuters.

Meridian reported a 13% decline in profit to $219.0 million in the year ended June 30, including a $28.1 million settlement from its dispute with Rio Tinto over lost production at the Tiwai Point aluminium smelter in 2008.

The utility grew its customer base 7% in competitive conditions while revenue was little changed at $2.05 billion.

BusinessDesk.co.nz

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