Freightways: departure of Dean Bracewell and new CEO

Freightways announces the departure of Dean Bracewell and the appointment of Mark Troughear as CEO

Dean Bracewell has decided that after a 34-year career with Freightways, of which 18 were as Managing Director, the time is now right for him to step aside. Dean will remain as Managing Director until 31 December 2017, following which he will be available in an advisory capacity to the Board of Directors and Freightways management until 31 August 2018.

Mark Troughear has been appointed as CEO, effective 1 January 2018. Mark has worked in and led businesses in the express package & business mail division since joining Freightways in 1996 and has over-arching responsibility for the information management division. Mark is qualified with a business degree, majoring in marketing. As a key member of Freightways’ executive team, Mark has been directly involved in setting the company’s strategic direction and its overall performance.

“I am delighted that the leadership of Freightways will pass to Mark, whose appointment I fully endorse,” said Dean

Freightways’ Chairman, Sue Sheldon, notes that a well-developed succession management programme has enabled this internal appointment to occur in a manner that will result in a seamless transition.

“The Board thanks Dean for his very substantive contribution to Freightways over a long and successful career with the Company. Dean’s focus on developing internal talent and capability, together with his long period of notice, allows Freightways to continue without interruption while transitioning its leadership,” said Sue Sheldon.

“Dean led Freightways through its IPO in 2003 at a listing price of $1.60 and an initial market cap of $195 million to the latest share price of $7.90 and market cap of $1.2 billion.”

“Dean’s relentless focus on organic growth and strategic investment in acquisitions and operating capacity, combined with strong business disciplines, has generated a Total Shareholder Return of 632% since Freightways listed, representing 15% compound annual growth over this period.”

ENDS

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