Mighty River Power taps company insider Fraser Whineray as CEO, replacing Heffernan

Fraser Whineray

Mighty River Power [NZX: MRP], whose shares have been below their listing price since May last year, named company insider Fraser Whineray as chief executive when long-serving CEO Doug Heffernan leaves at the end of August.

Whineray is currently general manager of operations at the Auckland-based power company, which is about 52 percent owned by the government following its initial public offering last year. The shares last traded at $2.325 compared with the IPO price of $2.50 and are rated a 'buy' based on the consensus of seven analysts polled by Reuters.

Mighty River Power hired Whineray from Carter Holt Harvey in 2008. He is currently responsible for the company's hydro, geothermal and gas-fired generation and wholesale markets portfolio. He previously worked in the dairy industry and at Credit Suisse First Boston, the power company said in a statement.

Whineray beat off external candidates during a global search for a new CEO that began in 2013, the company said.

Chair Joan Withers said he was a "standout candidate".

In February, Mighty River Power posted a 3.7 percent gain in first-half earnings as revenue fell 12 percent. It affirmed its prospectus forecast for annual earnings before interest, tax, depreciation, amortisation, and fair value adjustments of $498 million.


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


Sym Price Change
USD 0.7157 0.0031 0.44%
AUD 0.9428 0.0042 0.45%
EUR 0.6524 -0.0011 -0.17%
GBP 0.5871 0.0017 0.29%
HKD 5.5303 0.0047 0.09%
JPY 75.0640 0.0930 0.12%


Commodity Price Change Time
Gold Index 1266.8 0.710 2016-10-27T00:
Oil Brent 50.5 0.530 2016-10-27T00:
Oil Nymex 49.7 0.550 2016-10-27T00:
Silver Index 17.6 0.020 2016-10-27T00:


Symbol Open High Last %
NZX 50 6941.9 6949.7 6941.9 0.02%
NASDAQ 5203.7 5232.4 5216.0 -0.41%
DAX 10635.0 10716.2 10717.1 -0.19%
DJI 18193.8 18257.1 18169.7 -0.26%
FTSE 6986.6 7006.4 6986.6 0.14%
HKSE 23088.8 23157.7 23132.3 -0.77%
NI225 17448.2 17461.0 17336.4 0.63%
ASX 5295.5 5311.4 5295.5 -0.22%