Natural Gas chief resigns

By Phil Boeyen, ShareChat Business News Editor

Friday 26th October 2001

Energy company Natural Gas Corporation (NZSE: NCH) is looking for a new leader.

The company has announced that its current CEO, John Barton, has resigned and decided, for personal reasons, to return to Australia to live.

NGC chairman, Greg Martin, says the board has asked Mr Barton to stay on for up to three months to ensure the company continues along the sound footing it has re-established since the winter energy crisis.

"It will also allow the board time to select a successor and ensure a smooth transfer of executive responsibilities."

Mr Martin says the selection process has commenced, with a successor due to be appointed by start of next year.

John Barton has held the top NGC post for 12 months having been appointed last October to head the merged operations of NGC and its Trans Alta retail electricity business.

Trans Alta was later renamed On energy. The retail customers from the business were sold a few months ago after a cold, dry winter caused severe earnings pressure with the company forced to buy wholesale power at a loss.

NGC reported a loss in August of $301.6 million for the year ended June made up of a trading profit of $9.9 million and abnormal losses of $311.5 million.

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