Mighty River appoints new CEO

Fraser Whineray, new chief executive of Mighty River Power

Mighty River Power said it had appointed its current general manager of operations, Fraser Whineray, as its new chief executive, effective from September 1.

Mighty River chair, Joan Withers, said Whineray was a "standout candidate" resulting from a global search that started in 2013.

Whinerary will replace foundation chief executive, Doug Heffernan, who announced his intention to step down last year.

Mighty River's operations include nine hydro stations on the Waikato River and five geothermal power stations in the central North Island.

Read this morning's announcement of the chief executive appointment here:

The company's shares, which listed on the NZX last year, closed on Tuesday at $2.32.

In February, Mighty River Power posted a 3.7 percent gain in first-half earnings as revenue fell 12 percent. It affirmed its prospectus forecast for annual earnings before interest, tax, depreciation, amortisation, and fair value adjustments of $498 million.