Mercury shares rise on CEO transition
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The news: Shares in Mercury NZ lifted 2.7% to $6.11 on the ASX by 1:50pm AEST.
Today, the New Zealand electricity company announced the retirement of its CEO Vince Hawksworth. It also said that its executive general manager Stew Hamilton would take on the role.
Mercury CEO Vince Hawksworth retires
The news: Mercury NZ CEO Vince Hawksworth will retire from the New Zealand electricity company in August, and will be replaced by current executive general manager Stew Hamilton.
The numbers: Hawksworth has served as Mercury CEO since March 2020 and will step down on 31 August, 2024. He previously spent 10 years as Trustpower CEO, after leadership roles at Hydro Tasmania, Genesis Energy and Electricity Corporation of New Zealand.
Hamilton joined Mercury in 2021 after stints at New Zealand Aluminium Smelters and Acacia Mining.
The context: Mercury said that in his current role, Hamilton has been responsible for the management, operation and maintenance of Mercury's hydro, geothermal and wind assets.
The company noted that Hawksworth has overseen a period of "significant growth" at Mercury, leading the company through the construction of the Turitea Wind Farm and the acquisitions of Tilt Renewables' New Zealand assets, and Trustpower's retail business.
What they said: Mercury chair Scott St John said: "Stew is well placed to ensure Mercury capitalises and builds on the strong platform for growth we have".
"The board's unanimous decision to appoint him is a strong endorsement of Stew's capabilities, and a testament to the depth of talent we have within Mercury," he said.
The source: ASX announcement
