NEWS RELEASE 27 March 2013
Board confirms Mighty River Power Chief Executive’s contract though FY2014 The Board of Directors of Mighty River Power has today confirmed the extension of Chief Executive Doug Heffernan’s tenure through to 31 August 2014, covering the full 2014 Financial Year and Results. Mighty River Power Chair, Joan Withers, said the Board was pleased to be able to confirm that Dr Heffernan would remain in the Chief Executive role until that date. The Board had previously announced a variation to Dr Heffernan's contract which created a fixed term to either 31 December 2013 or, at the Board’s option, to 31 December 2014 for which a retention payment was payable. “We are fortunate that Doug, our CE since the Company’s formation in 1998, has committed through to the finalisation of the accounts to the end of FY2014 – a period in which there will be a lot of eyes on Mighty River Power and our performance. “This provides the Board with certainty and the ability to plan for the succession process and appointment of a new Chief Executive to take us through what will be a key phase in the further evolution of Company.” Mrs Withers said the Board had put considerable thought into succession planning and the recruitment process was expected to begin in late 2013.
ENDS
For further information: Angela Armstrong Corporate Communications T 0272 105 337
Anna Hirst Head of Investor Relations T 0275 173 470
Mighty River Power is one of New Zealand’s largest electricity companies – with its core business based on reliable, low fuel-cost electricity generation complemented by sales to businesses and homes, which account for about 18% of New Zealand’s total electricity consumption. The Company operates nine hydro power stations, four geothermal plants and a multi-unit gas-fired station. More than 90% of its electricity production is from renewable sources. Mighty River Power sells electricity through multiple channels and retail brands, including Mercury Energy, GLO-BUG, Bosco Connect and Tiny Mighty Power. Mighty River Power’s metering business, Metrix, provides electricity retailers with advanced metering infrastructure (AMI) solutions for their residential and commercial customers.