Vector shareholders, buoyed by the positive impact of lower tax rates, are set to welcome a good profit this week, but won't get any idea of who the company's new chief executive might be.
Chairman Michael Stiassny told the Herald on Sunday that there would be no announcementon a new chief executive when the financial results were revealed this week.
"No, we're not going to make an announcement on Wednesday, I can give that assurance," said Stiassny. "We are progressing - it will be a full process."
Former chief executive Mark Franklin left his post three weeks ago. His departure follows the resignation of the company's chief financial officer in May.
Vector, which has had numerous battles with regulators at the Commerce Commission, is expecting its full-year profit to be $40 million higher, following the lowering of corporate tax rates in this year's Budget from 33 per cent to 30 per cent.
It previously indicated underlying net earnings of $58 million to $63 million for the past year. In February it reported an 18.9 per cent increase in net profit of $45.7 million for the six months to December.
Announcing Franklin's departure last month, Stiassny said he expected the company would have no problem attracting high-calibre candidates to be chief executive for Vector's "next stage of development", backed by a strong board.
Chief operating officer Simon Mackenzie has been acting CEO since Franklin's departure.
Over the past 12 months Vector shares have risen from $2.30, peaking at $3 in April.
