Powerco announces Chief Executive Officer's departure
After 18 years at Powerco, including the last nine as Chief Executive Officer, Nigel Barbour has resigned and will be leaving the business next year.
Mr Barbour will remain with Powerco until June 2021, subject to a new appointment being made, to ensure a smooth transition to the next Chief Executive Officer.
Powerco Chair John Loughlin says Mr Barbour has made an exceptional contribution to the business under his tenure.
“Nigel’s departure follows nearly a decade as Powerco’s Chief Executive Officer, during which time the company has obtained a favourable regulatory determination in early 2018. This was the culmination of over 10 years of focus, followed by the successful delivery of the first three years of Powerco’s $1.2 billion regional investment plan, which is delivering better outcomes for our customers,” said Mr Loughlin.
“Nigel has created a strong executive management team that will continue to guide Powerco into the future and ensure we provide our communities with a safe and reliable energy supply. The Board of Directors anticipate that the opportunity to lead Powerco as a well-recognised provider of essential infrastructure, will attract a number of talented candidates. Additionally, we have Nigel continuing in his role until we have secured a new leader, which means we are well placed for further success,” says Mr Loughlin.
The recruitment process will begin early in the new year.
According to Mr Barbour, he is incredibly proud of leading a team of dedicated people and crews who work hard to keep the lights on and gas flowing to communities across New Zealand’s North Island. He says the decision to leave was not an easy one but that the time is right to create an opportunity for his successor.
“A big part of my ambition as CEO was to enable Powerco to be in a position to achieve a positive Customised Price-quality Path (CPP) decision, which we have achieved in 2018. Achieving a successful CPP application was vital to ensuring our networks will meet the needs of our customers and safeguard the security of future power supply. It was in 2009 that we took the first step in our CPP journey and preparing for the application required a considerable amount of commitment and focus. This result was a positive outcome and is a significant milestone for the company,” says Mr Barbour.
“It is extremely rewarding to see what we have accomplished and, in particular, the progress we have made against the delivery of our investment plan during the last three years. I am confident that the step-up in the expenditure as a result of the successful CPP bid is delivering the benefits to the communities we serve. The time feels right for me to step down at such high point for the company and make way for a new CEO who will drive Powerco’s direction beyond the delivery of our current investment era.”