Vector CEO Simon Mackenzie to step down at end of June

Vector CEO Simon Mackenzie will stand down at the end of June.

Veteran Vector boss Simon Mackenzie will stand down at the end of June.

Mackenzie has been at the helm since 2008 and held a number of different roles before becoming chief executive. He said the time was right to hand over Vector, with the company in a strong position.

New Zealand’s largest electricity lines company on Wednesday reported group net profit after tax for continuing operations of $118 million for the six months ending December 31.

Vector’s adjusted earnings (ebitda), which do not include the capital contributions customers pay for new connections on the network, were up 16%, compared to a year ago, to $202m. The company will pay an unimputed interim dividend of 12 cents per share.

Vector board chair Doug McKay said Mackenzie’s contribution and achievements were significant.

”Simon is an outstanding chief executive and a highly respected Vector and industry leader. He has successfully led Vector’s regulated and competitive businesses in a complex environment, plus has contributed to the wider energy industry through his leadership and extensive sector experience. This reflects the views of the entire Vector board,” McKay said.

Mackenzie led the development and growth of businesses such as Vector Metering – now Bluecurrent – and Ongas, delivering significant shareholder value.

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Vector also highlighted its investment in the electricity and gas networks to meet Auckland’s growth and adapt to the impacts of climate change during Mackenzie’s tenure.

McKay said Vector has built internal succession over the past few years with strong internal talent and capability.

A recruitment process will commence for internal and external candidates. The market will be updated when appropriate.

Mackenzie will stay on as a director of Bluecurrent and leave Vector at the end of June 2025 but will be available to ensure a smooth transition.