New boss for Powerco

NEW Zealand energy distribution company, Powerco, has a new head with network assets manager Richard Krogh to take over from departing chief executive Steven Boulton.
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Boulton – who was last month appointed CEO of Powerco’s Sydney-headquartered parent company Babcock & Brown Infrastructure – said Krogh would lead Powerco under the title of chief operating officer.

"The COO role will have similar responsibilities to the CEO position, with a strong focus on effective management of the key electricity and gas assets to ensure reliability, sustainability and ongoing improved cashflows for the company within an agreed risk window," Boulton said.

As network assets manager, Krogh was already a member of Powerco's executive team. He will take the helm effective from this Saturday, but the Powerco board of directors will still need to approve Krogh’s appointment.

Krogh, a professional engineer, joined Powerco in September 2000 following the merger with Palmerston North-headquartered CentralPower where he had held various executive and management positions. He then shifted to Powerco's New Plymouth corporate office where he still is located.

Boulton told that in the five-and-a-half years he had lead Powerco the company had grown substantially through takeovers and mergers to become New Zealand’s largest gas and second largest electricity distributor. Although it had sold its Queensland network services business, it still was active in gas reticulation throughout Tasmania.

BBI, as Prime Infrastructure, late last year completed a messy takeover of Powerco after its main shareholders – New Plymouth District Council, Taranaki Electricity Trust and Powerco Wanganui Trust – decided to sell their combined 53.65% stake.