New Zealand Windfarms Ltd (NZX: NWF) has appointed independent director Stuart Bauld as its new chairman.
He will take up the position following current chairman Rodger Kerr-Newell’s decision to step down.
Bauld was appointed as a board member in 2016. He is a retired PWC partner and an experienced director.
Chairman Kerr-Newell is stepping down as chairman for personal reasons.
Bauld said he and Kerr-Newell contributed to the company’s turnaround in performance in the past 15 months.
“We have implemented an aggressive cost-out programme, put in place intelligent turbine curtailment regimes, obtained regulatory relief in the wholesale market and put a decade of noise litigation behind us,” said Bauld.
“We also successfully purchased $17.3 million of electrical assets that were subject to a costly finance lease.” Bauld added.
“The financial impact of these initiatives is starting to be seen, with our half year to December 31, 2017 accounts showing an EBITDA of $2 M against revenue of $4.3 M.
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