Solid Energy Chairman John Palmer to step down

Solid Energy Chairman John Palmer to step down later this year

Solid Energy Chairman, John Palmer, will step down later this year. Announcing this to the market today, Mr Palmer said although his current term did not conclude until October 2013 bringing this forward was right for company and for himself.

“This had been a very difficult decision to make. In the next three years the company has not only a strong growth strategy to implement but must also prepare for partial privatisation, which I continue to strongly support.

“This will create a heavy workload for the Board and the Chairman. My personal situation means I will not be able to continue when my current term concludes next year and it is preferable to allow a new Chair to get well established as soon as possible to provide continuity and lead the company through this period.

“I am passionate about Solid Energy and its prospects. Despite the current international market conditions the company has an exciting future. Importantly, Solid Energy has the leadership, management and technical capability to be an increasingly important part of the New Zealand economy”.

Note: John Palmer joined the Board of Solid Energy New Zealand Limited in November 2006 and was appointed Chairman in January 2007.

ENDS

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