Mercury’s (ASX:MCY) CEO to join Fonterra executive team in 2020

Company News

by Anna Napoli

Mercury’s (ASX:MCY) Chief Executive, Fraser Whineray, has announced that he will leave the company in 2020 after more than 11 years service, including the last five years as Chief Executive.

Mr Whineray will move to Fonterra, joining its management team as Chief Operating Officer, a newly created role where he will assume broad responsibilities for the co-operative.

The company says he has achieved a tremendous amount through his tenure, including setting the company on the next wave of its renewable energy growth path for the benefit of its customers, communities, owners and the country.

Earlier this year Mercury announced the development of the company’s first wind farm, being built at Turitea near Palmerston North. It will be New Zealand’s first major generation development since 2014.

Mr Whineray will continue with Mercury until he moves to his new role at Fonterra around the end of the first quarter of 2020. Mercury says the process to appoint a successor will begin immediately with an internal and external search.

Shares in Mercury NZ (ASX:MCY) closed 1.18 per cent lower at $5.04 yesterday.

Are you a 708 sophisticated investor?

A sophisticated investor is defined under Section 708 of the Corporations Act (net assets of $2.5 million or annual incomes in excess of $250,000).

They are eligible to receive information regarding wholesale investment opportunities that are not available to regular or retail investors.

Please subscribe if you would like to be alerted to these types of opportunities.