Board Confirms Mighty River Power Chief Executive’s Contract

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

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