Mighty River CEO to stay a bit longer

JASON KRUPP
Last updated 10:18 27/03/2013
Doug Heffernan
MATCH FIT: Mighty River Power chief executive Doug Heffernan says the company is ready for its sharemarket float.

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Soon-to-be-listed Mighty River Power has extended the tenure of chief executive Doug Heffernan for another eight months.

Heffernan is now expected to leave the firm at the end of August 2014.

The extension will mean he will be at the helm of the firm when it delivers its first full set of annual results after being partially floated on the New Zealand Stock Exchange.

MRP chairwoman Joan Withers said the extension gave the board extra certainty at a time where there would be more scrutiny on the company and its performance, than ever before.

"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," she said.

Heffernan has served at the head of the power generator and retailer since 1998, and the firm said it would start looking for his replacement towards the end of this year.

The announcement comes as investors wait for the release of MRP's investment statement and prospectus ahead of a possible May float, when 49 per cent of the company is expected to be sold.

So far 440,000 potential investors have pre-registered their interest in shares in the company, with the government-guaranteed minimum stake of $2000 for each New Zealand investor.

The Government says it wants at least 34 per cent of MRP's shares to be held by New Zealand investors, with 15 per cent likely to be offered to Australian investors, although the final figures are subject to change.

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- © Fairfax NZ News

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