Mighty River Power restructures management structure
Pipes at Ngatamariki geothermal plant, New Zealand (source: Mighty River Power)
Alexander Richter
23 Tem 2014
With an incoming new CEO and a changing business environment, New Zealand’s Mighty River Power is now realigning its management structure and team, creating a new GM role for Geothermal, Strategy and Communication.
Mighty River Power today announced a realignment of its leadership team under incoming Chief Executive Fraser Whineray from 1 September as the Company prepares for the next phase of its evolution.
Chief Executive Designate, Fraser Whineray, said the electricity industry and Mighty River Power’s business had evolved significantly over recent years. The new leadership structure would ensure stability and, at the same time, effectively support the Company’s growth ambitions in a highly dynamic market.
Fraser Whineray, previously GM Operations, will become Mighty River Power’s Chief Executive on 1 September 2014, following the departure of current Chief Executive Doug Heffernan on 31 August after 16 years with the Company.
Mr Whineray said: “This is a natural time for us to reset the business for the future as we prepare for how to address the challenges brought about by intense retail competition and flat domestic demand. This has created opportunities for innovation and how we bring the benefits of new and emerging technologies to customers.”
Dr Heffernan said the current leadership structure was formed five years ago in preparation for a Chief Executive succession and sharemarket listing. The business focus at the time was on growing generation and customer market share – through the successful completion of three major geothermal power stations that have displaced fossil fuel generation with renewable power in New Zealand’s energy mix. With the completion of those projects and the IPO, and the forthcoming Chief Executive change, he said it was now time for the Company to refocus for the future.
“We are seeing major changes in the electricity industry, and the time is right for Fraser to realign the team as he considers the evolving business priorities and seeks to build on the existing skills and expertise to plan ahead,” Dr Heffernan said.
Mr Whineray said the realignment of roles and responsibilities would see changes to all of the current leadership team roles, to varying degrees (descriptions of each role below). The key changes are:
• New roles of GM Hydro/Wholesale and GM Geothermal have been created, which will replace the disestablished roles of GM Operations and GM Development. Mark Trigg, currently GM Development, has decided to leave the Company towards the end of the year but has agreed to act in the role of GM Geothermal to assist through the CEO transition.
• A new role of GM Strategy & Communications has been created to support Mighty River Power’s future direction, and current General Counsel and Company Secretary, Tony Nagel, has been appointed to the new role of GM Corporate Affairs and will remain on the leadership team.
• Recruitment will begin immediately for the GM Hydro/Wholesale, GM Geothermal and GM Strategy & Communications roles, with temporary arrangements in place until these roles are filled.
Mr Whineray said he was confident that the leadership structure would build on Mighty River Power’s strong team and business platform.
“The future growth of our Company will be different from what it has been in recent years as we move away from building large single-site power stations and market share, to making sure that our customers are right at the forefront of our business,” he said.
To see a detailed list of the press release and the staff changes done, please follow the link below:
Source: Mighty River Power Press Release via Scoop Media Website
