Thursday 22nd February 2018
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Steel & Tube interim chief executive Mark Malpass has been appointed to the top permanently, a day before the steel products maker reports first-half earnings.
A former executive at Fletcher Building and Fulton Hogan, Malpass has been in the role on an interim basis for the past five months, stepping down from the board to replace Dave Taylor after his sudden departure in September. The appointment is effective immediately and comes ahead of tomorrow's earnings announcement, which Forsyth Barr analyst Matt Henry expects will show the Lower Hutt-based company reported a 23 percent decline in net profit to $8.3 million on largely flat revenue of $255.7 million.
"We are delighted that following a robust external appointment process, Mark has accepted the role of CEO on a permanent basis," chair Susan Paterson said in a statement. "The last five months has seen the commencement of a significant change programme and the reorganisation of the group as Mark and his team have put in place the foundations to enhance the performance of Steel & Tube."
Steel & Tube's board made "significant changes" to its CEO remuneration and long-term incentive scheme frameworks after hiring PwC to review its previous arrangements.
The shares fell 1.3 percent to $2.06, having slipped 0.5 percent so far this year.
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