Contact Energy has appointed a new chief executive to replace David Hunt, who resigned last month on the same day the company announced a potential merger with its Australian parent Origin Energy.
Contact's chairman Grant King today named David Baldwin as the company's new chief executive.
Mr Baldwin, a New
Zealander, is based in Hong Kong where he oversees the energy asset's of American investment fund Ritchie Capital.
Mr Baldwin also spent eight years with MidAmerican Energy Holdings, an international energy company with around 17,000 megawatts of generation capacity.
"We are delighted to be able to fill this important role with someone of Mr Baldwin's international experience and calibre," Mr King said.
Mr Baldwin will be paid $650,000 in salary, as well as potential bonuses of up to 110 per cent of his salary.
The outgoing chief executive, Mr Hunt, announced his resignation on February 20, citing personal reasons.
His resignation coincided with the announcement of a proposed merger between Contact and its Australian majority owner, Origin Energy.
If the merger went ahead, Origin's managing director Grant King would head up the new entity, and Contact's chief executive would report to him.
Mr Hunt is to join the Wellington energy consultancy Concept Consulting when he leaves Contact.
Shares in Contact Energy were down 4c at $7.69 in a broadly weaker market at midday, having ranged between $6.19 and $8.06 over the past year.
- NZPA
