Steel & Tube interim CEO Mark Malpass takes top job permamently
By Paul McBeth
Feb. 22 (BusinessDesk) - Steel & Tube interim chief executive Mark Malpass has been appointed to the top permanently, a day before the steel products
maker reports first-half earnings.
A former executive at Fletcher Building and Fulton Hogan, Malpass has been in the role on an interim basis for the past
five months, stepping down from the board to replace Dave Taylor after his sudden departure in September. The
appointment is effective immediately and comes ahead of tomorrow's earnings announcement, which Forsyth Barr analyst
Matt Henry expects will show the Lower Hutt-based company reported a 23 percent decline in net profit to $8.3 million on
largely flat revenue of $255.7 million.
"We are delighted that following a robust external appointment process, Mark has accepted the role of CEO on a permanent
basis," chair Susan Paterson said in a statement. "The last five months has seen the commencement of a significant
change programme and the reorganisation of the group as Mark and his team have put in place the foundations to enhance
the performance of Steel & Tube."
Steel & Tube's board made "significant changes" to its CEO remuneration and long-term incentive scheme frameworks after hiring
PwC to review its previous arrangements.
The shares fell 1.3 percent to $2.06, having slipped 0.5 percent so far this year.
(BusinessDesk)