Change of Chairman
Chairman of the Board of Directors of Freightways Limited, Sue Sheldon, has resigned her position effective at the close of the Company’s next Annual Shareholders’ Meeting in October this year.
Sue joined Freightways Limited as an independent director in 2003 ahead of its Initial Public Offering (IPO) and has been Chairman of the Board of Directors since October 2010.
Sue has been instrumental in Freightways growth since its IPO in 2003 at a listing price of $1.60 and an initial market cap of $195 million to the latest share price of $7.92 and market cap of $1.2 billion.
Sue has supported the Company’s relentless focus on organic growth and strategic investment in acquisitions and operating capacity. She has encouraged the strong business disciplines that have led to the generation of a Total Shareholder Return of 645% since Freightways listed. This growth represents a 15% compound annual growth rate since listing.
Sue comments, “I have spent 15 wonderful years on the board of Freightways, of which 8 years have been as its Chairman and have enjoyed immensely the culture and vibrancy of this great New Zealand business. Over the last 6 months Mark Troughear has successfully taken over the CEO role and it is now an appropriate time for the Chairmanship to transition in line with our planned succession.”
The Board has unanimously resolved to appoint Mark Verbiest to replace Sue upon her retirement. Mark joined the Freightways Limited Board of Directors as an independent director in 2010.
Mark is currently also a director of ANZ Bank New Zealand Limited and Meridian Energy Limited and Chairman of non-listed companies Willis Bond Capital Partners Limited and MyCare Limited. He retired as Chairman of Spark New Zealand Limited at the end of last year.
According to Sue, “Mark is a very accomplished professional director with broad commercial experience and most importantly will ensure the continuity of leadership on the Freightways Board.”
For further information please contact:
SUE SHELDON CNZM
Ph: +64 21 670 990