Bracewell to step down from Freightways top job after 18 years

Mark Troughear will take over as chief executive in January.

Dean Bracewell is to step down as managing director of Freightways after 18 years in the role and 34 years with the logistics and data management company.

He will be replaced by Mark Troughear on January 1, 2018. Mr Bracewell will step down on December 31 but will be available in an advisory capacity to the board and management until August 31, 2018.

"Dean's focus on developing internal talent and capability, together with his long period of notice, allows Freightways to continue without interruption while transitioning its leadership," chairwoman Sue Sheldon said in a statement. "Dean led Freightways through its IPO in 2003 at a listing price of $1.60 and an initial market cap of $195 million to the latest share price of $7.90 and market cap of $1.2 billion."

Mr Troughear joined Freightways in 1996 and has led both its express package & business mail division and its information management division, the company said.

Freightways, which delivers around 50 million items annually through brands like New Zealand Couriers and Post Haste Couriers, reported a 22% lift in net profit to $60.9 million in the year to June 30. Last month the company expanded its reach into waste management with the acquisition of Australian State Waste Services and its related entities, a group that provides medical waste services in Sydney and surrounding regional areas.

(BusinessDesk)