NZX Announcement - Audit Committee
Transitional CEO Arrangements
NZ Windfarms advises that it has made the following transitional arrangements with Steve Cross and Chris Sadler to enable an orderly transition of the Chief Executive role.
Present Chief Executive, Steve Cross has agreed to extend his contract until 31 July 2010.
Vector Limited has agreed to release Chris Sadler on a part time basis to NZ Windfarms until the completion of his notice period. From 10 August 2010, Chris Sadler will take over the responsibilities as Chief Executive of NZ Windfarms under this arrangement, before talking up the permanent role on 20 September 2010.
In return for the release of Chris Sadler to NZ Windfarms through to 20 September, NZ Windfarms has agreed to release Chris back to Vector on a part time as required basis for an equal time period after this date to allow Chris to complete his current projects with Vector.
The sharing arrangement between Vector and NZ Windfarms was approved by the independent directors of NZ Windfarms.
For further information contact:
021 428 461
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