Thursday 1st May 2014
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Mighty River Power, whose shares have been below their listing price since May last year, named company insider Fraser Whineray as chief executive when long-serving CEO Doug Heffernan leaves at the end of August.
Whineray is currently general manager of operations at the Auckland-based power company, which is about 52 percent owned by the government following its initial public offering last year. The shares last traded at $2.325 compared with the IPO price of $2.50 and are rated a 'buy' based on the consensus of seven analysts polled by Reuters.
Mighty River Power hired Whineray from Carter Holt Harvey in 2008. He is currently responsible for the company's hydro, geothermal and gas-fired generation and wholesale markets portfolio. He previously worked in the dairy industry and at Credit Suisse First Boston, the power company said in a statement.
Whineray beat off external candidates during a global search for a new CEO that began in 2013, the company said.
Chair Joan Withers said he was a "standout candidate".
In February, Mighty River Power posted a 3.7 percent gain in first-half earnings as revenue fell 12 percent. It affirmed its prospectus forecast for annual earnings before interest, tax, depreciation, amortisation, and fair value adjustments of $498 million.
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