Northland Port names Graham Wallace as interim CEO
Northland Port Corp, which has a half-stake in the region's Marsden Pt port operator Northport, named Graham Wallace as interim chief executive.
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BUSINESSDESK: Northland Port Corp, which owns a half-stake in the region’s Marsden Pt port operator Northport, named Graham Wallace as interim chief executive.
He will take up the role immediately to allow the orderly transfer of responsibility before general manager Jim Smillie retires early next year, the company said.
Mr Wallace is a qualified accountant who has worked alongside the company for 18 years, holding a variety of finance-related positions.
Chairman Colin Mitten said the appointment comes as the company develops its land holdings in the Marsden Pt area while investing more in the port operating entity, Northport Ltd.
"The company has a key part to play if the Northland region is to start realising its true economic potential," he said.
Ports of Auckland owns 19.9% of Northland Port Corp alongside Northland Regional Council, which in turn owns about 54% of Northport.
Northport’s other investor is Port of Tauranga, which claims dominance in North Island trade handling similar bulk cargoes to Marsden Pt, such as logs.
Ports of Auckland and Port of Tauranga have been unable to forge a direct alliance as they compete for freight but both see strategic value in their partnership at Marsden Pt.
Northport has about 180ha of land, owned by Northland Port, which is only at 50% capacity.
In February, the company's profit rose 51% to $3.2 million for the six months ended December 31 as the wharves bulged with logs bound for export markets.
Sales increased 35% to $4.8m.
Shares in Northland Port have gained 33% this year and are currently trading at $2 apiece.
Hannah Lynch
Tue, 08 May 2012
Tue, 08 May 2012
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Northland Port names Graham Wallace as interim CEO
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