Ann: OFFICE: MRP: Mighty River Power appoints new

• Release Date: 01/05/14 10:50
• Summary: OFFICE: MRP: Mighty River Power appoints new Chief Executive
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					MRP
01/05/2014 08:50
OFFICE

REL: 0850 HRS Mighty River Power Limited (NS)

OFFICE: MRP: Mighty River Power appoints new Chief Executive

Mighty River Power today announced that the Company's current GM of
Operations, Fraser Whineray, has been appointed Chief Executive and will take
up the role on 1 September 2014.

Mighty River Power Chair, Joan Withers, said Mr Whineray was a "standout
candidate" from the global search started in 2013, carried out by Egon
Zehnder, which attracted strong interest from high-calibre candidates
including Chief Executives from both New Zealand and Australia.

"This was a unanimous decision from our Board and we are confident that
Fraser is the right person to succeed our foundation Chief Executive Doug
Heffernan and lead the next phase in the evolution of Mighty River Power.

 "Fraser has proven his leadership qualities and credentials in driving
world-class performance in our operating business, which makes up a large
portion of Mighty River - and is fundamental to our financial results."
Mighty River Power's operations include the nine hydro stations on the
Waikato River and five geothermal power stations in the central North Island
that harness natural resources to generate renewable energy equivalent to the
annual consumption of about one million New Zealand homes.

"I am pleased to say that he has come through a very rigorous search process
with flying colours," Mrs Withers said. "Fraser has been a champion of
safety, implementing our major hydro re-investment programme and successfully
integrating our new geothermal plants into our portfolio."

"It is particularly satisfying for our Board to be announcing today the
appointment of one of the members of the existing management team, which is a
credit to Doug's focus on creating top leadership talent and succession
candidates within the organisation."

Mighty River Power announced last year that Doug Heffernan would be leaving
the Company on 31 August 2014 after 16 years as Chief Executive, with his
tenure covering the full 2014 Financial Year and Results relating to the
Prospective Financial forecasts in last year's IPO. Mr Whineray will take up
the role of Chief Executive from 1 September 2014 and will be Chief Executive
Designate from 1 July 2014 reporting to Doug Heffernan.

Mr Whineray joined the Mighty River Power executive team in 2008 from Carter
Holt Harvey (CHH), and currently holds responsibility for the Company's
hydro, geothermal and gas-fired generation operations and wholesale markets
portfolio. Prior to CHH he held a number of senior roles in the dairy
industry, and with Credit Suisse First Boston - gaining a diversity of
domestic and international experience covering FMCG, performance management,
strategy, capital markets and mergers and acquisitions.

In congratulating Mr Whineray, Chief Executive Doug Heffernan, expressed
pleasure in seeing an experienced young Kiwi come through the competitive
selection process and expressed confidence in Fraser's ability to provide
fresh blood into the leadership of one of New Zealand's largest listed
Companies.
"Fraser has been a key contributor to our achievements over recent years in
driving performance and achieving greater resilience in our business -
particularly with bringing more than 2,800GWh of reliable renewable
geothermal generation into our operations, which now makes up more than 40%
of our business.

"His experience and understanding from this period in which competitive
retail and wholesale markets have evolved rapidly in New Zealand - coupled
with his experience in other sectors and internationally - is a great
platform and valuable as the Company focuses on the future and the next phase
of growth," Dr Heffernan said.

Mrs Withers said the Board's Chief Executive search process began in late
2013 with clear criteria focused on finding an experienced and proven leader
capable of taking Mighty River Power's current business and strategic
direction forward, with an evolving customer and competitive focus and a
commitment to building long-term shareholder value.

"This has been an extremely robust and thorough process - with a great
result, and one which we have huge confidence in."
Mr Whineray is married to Lucy and has two daughters, Emily (8) and Pippa
(6).

Chief Executive Remuneration

Mrs Withers said, in determining the new Chief Executive's total
remuneration, the Board used external benchmarking to ensure comparability
and competitiveness, along with consideration of the individual's skills,
expertise and experience. The structure of the package is consistent with the
Company's remuneration policy as outlined in Mighty River Power's annual
reports.

Mr Whineray will receive a base salary of $850,000, and he will also be
eligible to receive short and long-term incentives.
He will have the opportunity to earn an annual short-term performance
incentive of 35% of the base salary ($297,500) subject to meeting stretch
targets across key performance areas set by the Board using a balanced
scorecard approach.

The Long-Term Incentive (LTI) component has a potential annual value of up to
$200,000, and its structure is consistent with the Company's share-based LTI
plan with a three-year vesting period where vesting is subject to meeting
financial and shareholder return performance hurdles determined by the Board.

Career Summary:

Fraser Whineray - BE Chem Hons (Canterbury), MBA (Cambridge), GRADDIP
DY.SCI.TECH Distinction (Massey)

o 2011 - present:  Mighty River Power, General Manager, Operations (expanded
role)
o 2008 - present:  Opus International Consultants (OIC: NZX), non-executive
Director
o 2008 - 2011: Mighty River Power, General Manager, Generation
o 2006 - 2008: Carter Holt Harvey, Director Operational Improvement
o 2005 - 2006: Crystal Solutions, Chief Executive
o 2003 - 2005: New Zealand Dairy Foods (Puhoi Valley Cheese), General
Manager
o 2002 - 2003: Fonterra, Mergers and Acquisitions
o 1997 - 2002: Credit Suisse First Boston, Investment Banking (Sydney,
Wellington)
o 1993 - 1997: New Zealand Dairy Board (Singapore, Thailand, Wellington)
End CA:00249979 For:MRP    Type:OFFICE     Time:2014-05-01 08:50:35