01/12/2014 - 11:05

Pacific Energy MD resigns

01/12/2014 - 11:05

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Pacific Energy managing director Adam Boyd has announced plans to leave the role at the end of March next year, after more than eight years at the company.

Pacific Energy MD resigns
Adam Boyd will resign after eight years at the helm of Pacific Energy.

Pacific Energy managing director Adam Boyd has announced plans to leave the role at the end of March next year, after more than eight years at the company.

Mr Boyd led Pacific through a substantial growth period with the market capitalisation increasing almost 20-fold during that time.

In August, the power generation company revealed a $14.6 million profit for the 2014 financial year, on revenue of $48 million.

Earlier this year it secured electricity supply contracts with Saracen Mineral Holdings and Newmont Mining.

The company said it would commence an executive search process for his replacement, with Mr Boyd remaining in the role to ensure a smooth leadership transition.

Pacific chairman Cliff Lawrenson said Mr Boyd had led Pacific Energy through a period of major transformation and growth.

"In this time Pacific Energy has delivered significant value to shareholders, growing from a market capitalisation of $10 million to approximately $200 million and generating robust earnings that have enabled the payment to shareholders of $12.8 million of fully franked dividends to date,” Mr Lawrenson said.

“This growth has been driven through the acquisition of Kalgoorlie Power Systems in 2008, which was a step change for Pacific Energy.”

Pacific was down 3.9 per cent to 50 cents per share at the time of writing.

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