Chapman replacing Dame Jenny
AUCKLAND: Former prime minister Dame Jenny Shipley will step down as Genesis Energy chairwoman after this year’s annual meeting in October and be succeeded by exASB Bank chief executive Barbara Chapman.
Dame Jenny, who is among former Mainzeal directors facing a civil suit from unpaid creditors of the failed construction firm, will end a nineyear spell as chairwoman of the electricity generatorretailer. During that time, she ushered it from a pure Stateowned enterprise to one of three partially privatised and listed companies under the mixed ownership model of the previous administration.
Ms Chapman joined the board earlier this year as she transitions into a new career as a professional director, having led ASB for six years. She brings to Genesis board skills in disruptive innovation, marketing, digital transformation, consumer technologies and driving leading brands.
‘‘Barbara represents the next generation of leadership required in the energy sector,’’ Dame Jenny said in a statement.
‘‘Barbara brings a wide range of experience around product and market innovation and is widely recognised for her strong leadership style, her commercial credentials and her commitment to diversity.’’
Under Dame Jenny’s watch, Genesis shares have climbed to $2.515 from the $1.55 initial public offering price in April 2014, a 62% increase and just lagging behind a 73% gain on the S&P/NZX 50 index over the same period.
Dame Jenny said highlights of her tenure included the acquisition of the Tekapo hydro assets, a better relationship with iwi and the transition from an SOE into a partially privatised and listed company. —BusinessDesk