Lloyd Morrison dies

Infratil founder Lloyd Morrison has died, aged 54 following a battle with cancer.

Infratil chairman David Newman has issued a statement on behalf of the board of Infratil expressing deep sadness over Mr Morrison's passing this morning in Seattle Washington.

"On behalf of all of us at Infratil, our thoughts and hearts are with those he loved the most, his wife Julie Nevett, his children Isabella, Madeleine, Ottilie, Vita and Elliott and his extended family. Lloyd will be greatly missed by all of us who had the opportunity to be part of his life and share his passion."

Mr Morrison established H.R.L. Morrison & Co Ltd in 1988 before founding Infratil in 1994.

"His inspirational leadership, vision, charisma, and energy has been the driving force in creating what Infratil is today," Mr Newman said.

"Lloyd was a truly passionate New Zealander and he made an immeasurable contribution to both the business and arts communities in New Zealand as a friend, colleague, patron and mentor."

Mr Morrison has been a regular fixture on the NBR Rich List.

His profile in last year's list, reproduced below, valued the Wellington businessman at $100 million.

The optimism and vision needed to drive business success are the same qualities Lloyd Morrison is using to battle the leukaemia with which he was diagnosed two years ago.

That’s what the respected businessman and founder of Infratil said as he was given a lifetime award for achievement at this year’s Gold Awards in Wellington. It’s an approach that has helped put him back in the business saddle at Infratil, the company he founded in 1994 and which now has consolidated assets of more than $4 billion, employing more than 4000 people globally.

While its shares initially dropped when Mr Morrison left for health reasons in 2009, Infratil’s latest results show the benefits of its continued expansion. Last year it teamed up with the NZ Superannuation Fund, forming Greenstone Energy, which acquired New Zealand Shell assets, including 229 stations and a 17% share in Marsden Oil Refinery. Shell has since been rebranded Z Energy.

This acquisition plus its Australian assets boosted bottom-line results for the year to March 2011, with the company reporting a 67% growth in profits to $183.8 million while underlying earnings gained 27% to $459.6 million – beating expectations. Infratil now expects growth of 4-11% in the next financial year.

Infratil owns airports in the UK and New Zealand, energy companies on both sides of the Tasman and NZ Bus. It is also responsible for integrated ticketing service Snapper, which is picking up momentum in advance of Rugby World Cup arrivals.

Mr Morrison is executive chairman of HRL Morrison and Co and sits on the boards of several associated companies including Infratil, Auckland International Airport and Trustpower. He also has shares in Martinborough winery Palliser Estate and is involved in the local music scene through Morrison Music Company. In 2009, he was made a Companion of the New Zealand Order of Merit.

Tributes flow

Prime Minister John Key:  It was with much sadness that I learnt of Lloyd's passing this morning. I had been in regular contact throughout his illness and last spoke to him a few weeks ago.

Lloyd was a very successful businessman and, as a friend, I can say that he was also known for not being afraid to voice strong opinions - but he did this because he was totally passionate about New Zealand.

He led the campaign to change the flag, was a strong supporter of the arts, and will be remembered for his part in saving the Phoenix.

Lloyd threw everything he had at his illness, as he threw everything he had at his life. I will miss him and my condolences go out to his family, his friends, and his colleagues at Infratil.

NZX salutes Lloyd Morrison - without whom New Zealand’s capital markets would likely be foreign owned.

It was Lloyd’s passion, energy, vision and determination that saw a bid to acquire the then NZSE rejected 10 years ago. And it was Lloyd’s ongoing energy and commitment as a director that drove NZX to build our markets for the benefit of Kiwi companies.

When Lloyd resigned his directorship, he did not resile from his absolute conviction that New Zealand companies needed to grow from New Zealand, to the world.

Infratil is a great New Zealand company, rising from an idea to own and operate critical infrastructure, and have a meaningful offshore presence.

Lloyd's influence has been felt by everyone in the New Zealand capital markets, and on behalf of everyone, NZX salutes a remarkable man, and a remarkable leader.

Joan Withers, chairwoman, Auckland International Airport:  It was with enormous sadness that we received the news this morning of the passing of Lloyd Morrison, a long-serving fellow director of Auckland Airport, and a great New Zealander, following a long battle with leukaemia. 

Lloyd was appointed a director of the company in 2007, and made a significant contribution to the vision and strategic direction of Auckland Airport during his time on the board. He was a close friend, colleague and visionary around the board table.

Lloyd challenged our thinking and inspired debate on many important issues, and he was passionate and aspirational about Auckland Airport and its role in New Zealand.

Aside from his visionary business leadership and acumen, which included the founding of one of New Zealand’s most successful companies, Infratil, Lloyd was a very proud New Zealander who cared deeply about our future and who contributed enormously to many areas of New Zealand society, including as a patron of the arts, music and sport. 

Lloyd was rightly honoured many times during his career, including receiving the New Zealand Order of Merit for services to Business in 2009, the New Zealand Executive of the Year in 2007, a Wellington Business lifetime achievement award in 2011, and the Visionary Leader award in 2011.

On behalf of the Board of Directors and everyone at Auckland Airport, we extend our thoughts and deepest sympathies to Lloyd’s family. He will be greatly missed. 

Grant Robertson, Labour Party deputy leader and Wellington central MP:  The death today of Wellington businessman, philanthropist and campaigner Lloyd Morrison is a significant loss to the city and New Zealand at large.

Above all things, Lloyd was a passionate Wellingtonian who had a desire to see his city, region and country prosper. His contribution to and investment in New Zealand’s infrastructure and economic development was massive.

Lloyd had an enormous pride and faith in New Zealand. He was a strong supporter of developing a distinct national identity, and will be remembered by many for his campaign to change the New Zealand flag.

On a personal level I can say that I enjoyed every conversation I had with Lloyd, even if we did not always agree on the economic prescription that was needed. He was interested in a wide array of issues. In particular as he has struggled with illness in recent years he also championed the importance of access to quality health services.

Lloyd will be greatly missed. On behalf of the Labour Party I want to express my heartfelt condolences to his family and friends. His legacy will live on through his enormous contribution to New Zealand.