Pike River's CEO steps down

Pike River Coal, the company developing a coal mine on the West Coast, will lose its chief executive from next month. The shares fell 1.8 percent to $1.08.

CEO and managing director Gordon Ward will leave the company at the end of the month, and PRC will announce his successor soon, coal miner said in a statement to the NZX. Ward has led the company from its concept design phase 14 years ago and into its second export shipment this month.

"The board wishes to express its thanks to Mr Ward for his significant contribution to the growth of the company over what has been an extended and often difficult period of mine development,”
the company said.

PRC’s operation has been hit by a myriad of problems over the years which have seen a number of delays. It managed to avoid any new problems with the Christchurch earthquake over the weekend to get its second export consignment loaded at Lyttelton Port.

- BusinessDesk