GTL/CTL

Aitken to take the reigns at Methanex

Canadian Methanex boss Pierre Choquette is handing his mantle onto Kiwi Bruce Aitken, who is now ...

Aitken to take the reigns at Methanex

Choquette, who had been Methanex chief executive for the past 10 years, announced his resignation and Aitken’s promotion today. Choquette will, however, continue a leadership role as chairman of the board of directors.

"It is with some sadness that I step away from the people and the day-to-day running of a company that has been an integral part of my life for so long; but I have the utmost confidence in Bruce Aitken's leadership abilities and management expertise." Choquette said.

For many years Aitken had been senior vice-president (Asia Pacific), based in Auckland, New Zealand, before his appointment as chief operating officer last September and his subsequent return to Vancouver where he had been vice-president (corporate development) in the early 1990s.

Methanex also announced a quarterly dividend of US$0.06 per share, payable on June 30, as well as the repurchasing up to 6.14 million common shares - 5% of the total 122.87 million issued and outstanding shares.

Aitken said the planned share repurchase reflected the company’s ongoing commitment to return excess cash to shareholders.

Methanex had generated almost US$300 million in cashflow from operating activities over the previous 12 months and had excellent financial strength and flexibility, with over US$150 million in cash and US$250 million in undrawn credit facilities.

In an oblique reference to New Zealand, Aitken said Methanex continued to pursue opportunities to enhance its supply position to the important Asia-Pacific market. It is known Methanex is keen to grab any gas parcels it can keep its Taranaki plants operating at even partial capacity.

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