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South Port NZ CEO resigns

South Port NZ Limited Chief Executive, Mark O’Connor has tendered his resignation and will leave the Bluff Port operation in late October.
South Port Chairman, Rex Chapman commented that the timing of the decision had been signalled to the Board for a number of years.
“The Board is naturally disappointed to lose a person of Mark’s calibre, particularly given the significant progress the Company has made over the last two decades while he has been at the helm,” the Port said in a statement.
“Mark and his team have worked hard to deliver effective freight solutions for
Southland based businesses and the Company is in excellent shape as it continues to focus on this clear objective.”
In the most recent financial year, South Port achieved a record cargo and profit, with volumes having lifted by 50 per cent or approximately 1.0 million tonnes since 2009.
Mark oversaw the refocusing of the business on the core freight delivery element, ensuring appropriate infrastructure existed to support bulk cargo growth (forestry/agri), maintaining container handling capability for the regional Port and establishing an Intermodal Freight Centre (IFC) in Invercargill.
During the period that Mark has served as CEO, South Port’s annual dividend increased from 5.5 cents per share to 26 cents while the share price lifted from $0.86 to its current level of $5.35 (an increase in market capitalisation of around $120 million).
O’Connor stated, “Approximately four years ago I advised the South Port Board that when I turned 55 years, I would take a detour in the road and exit the port sector.
“That date has come around quicker than I thought but it is appropriate for me to step back from a full-time role and identify other projects which may be of interest.
“It has been a privilege to operate in the CEO role for the past 17 years and to work for South Port for almost 25 years.”
The Board will commence the process of seeking a replacement for O’Connor immediately.

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