Contact chairman Phil Pryke said Contact Energy had grown strongly in the past three years to become this country's largest integrated energy company and that the strategic oversight for that growth had rested with the current board of six directors, which was a small group by New Zealand corporate standards.
"This is especially true for a company of Contact's size, with significant challenges to meet as New Zealand seeks secure energy sources over the next few years. The board has therefore determined that it will appoint two additional directors.
"The board is doing so in a balanced way, appointing a new director from New Zealand and a new director affiliated with EME. Both directors will take up their duties immediately, but will also offer themselves for re-election to the annual meeting of shareholders scheduled for February 2004".
Pryke added that the board felt Strange and McDaniel could make valuable contributions on a number of pressing issues affecting Contact's development, including the quest for new fuel sources and responding to the changing regulatory environment.
Strange would bring a rare combination of management experience, energy industry knowledge - covering both upstream and gas and other fuel issues and network company issues - and regulatory expertise to the Contact board. "Dr Strange has a clearly established standing in a national leadership role this winter with strong credibility among policy makers at both official and ministerial level."
As well as the Winter Power Taskforce role, he was formerly chief executive of the Auckland network company Vector and before that a Fletcher Challenge Energy executive working in the gas and electricity sectors.
McDaniel is chairman, chief executive and president of EME, the global arm of Edison International, which specialises in the development, acquisition, construction, management and operation of global power production facilities. "Tom McDaniel is a director of high international calibre and will be a major asset to the Contact board," Pryke concluded.
