Mark Ford steps down as Solid Energy chair for health reasons, stays on at Watercare

Mark Ford (TV3)

Free audio stream, including stories that are padlocked on our site. Listen on any device, anywhere. Updated twice daily. The audio stream takes several seconds to start on Android devices.

Launch Radio player

Mark Ford has stepped down as chairman of Solid Energy for health reasons after 1 ½ years bedding down a major restructuring programme at the troubled state-owned coal miner Solid Energy.

Ford departed last week, interim chair Pip Dunphy told parliament’s commerce select committee, where the SOE was appearing to answer questions about its annual review.

Ford is believed to have wanted to reduce his workload after an operation earlier this year. He remains as chief executive of Auckland City’s Watercare unit, a position he has held since 1994, although he is currently on sick leave, a spokesman said.

He was appointed to the role in late 2012 after a clean-out and retirements from the board, and the subsequent departure of chief executive Don Elder. The company has shuttered mines and stopped work on non-core activities that Elder had pushed strongly.

Solid Energy posted a $335 million loss for the year to June 30, reflecting writedowns in the value of its assets of $215.3 million and restructuring costs of $102.2 million.

(BusinessDesk)


Got a question about this story? Leave it in Comments & Questions below.

This article is tagged with the following keywords. Find out more about MyNBR Tags

NZ Market Snapshot

Forex

Sym Price Change
USD 0.6529 -0.0001 -0.02%
AUD 0.8868 0.0012 0.14%
EUR 0.6010 0.0009 0.15%
GBP 0.4200 0.0003 0.07%
HKD 5.0627 -0.0021 -0.04%
JPY 81.2100 0.0440 0.05%

Commods

Commodity Price Change Time
Gold Index 1090.5 1.300 2015-08-04T00:
Oil Brent 50.6 0.440 2015-08-04T00:
Oil Nymex 45.8 0.510 2015-08-04T00:
Silver Index 14.6 0.040 2015-08-04T00:

Indices

Symbol Open High Last %
NZX 50 5933.8 5951.5 5933.8 0.08%
NASDAQ 5111.0 5125.9 5115.4 -0.19%
DAX 11408.2 11476.9 11443.7 0.11%
DJI 17596.9 17635.8 17598.2 -0.27%
FTSE 6688.6 6715.5 6688.6 -0.03%
HKSE 24466.3 24582.2 24406.1 0.42%
NI225 20490.2 20715.5 20520.4 0.46%