Thursday 22nd February 2018
|Text too small?|
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.
No comments yet
MARKET CLOSE: NZ shares dip as global trade jitters weigh on A2, F&P
NZ dollar set for weekly gain after Reserve Bank surprise
Burger Fuel exploring sale after review questions listing merits
New net migration data to remain rubbery for quite some time
NZX to push sales this year after reshaping business dents 2018 profit
Slowing new orders growth weighs on January PMI
New NZ dry dock a basis for new industry - KiwiRail
Wellington Drive beats 2H sales forecast, will meet earnings guidance
NZIQS decides more training is the answer to past president's misconduct
February 15th Morning Report