SkyCity Entertainment Group has announced the resignation of its CEO and managing director Nigel Morrison, effective April 29, 2016.
SkyCity’s chairman, Chris Moller says the board and Morrison have been formally discussing succession planning since September last year, and both agreed it is the right time to transition to a new chief executive, according to a latest filing to the New Zealand Stock Exchange.
“Nigel has done an excellent job,” said Moller. “During his tenure he has secured the extension of the Company’s exclusive casino licences in Auckland and Adelaide and negotiated and managed the New Zealand International Convention Centre transaction and construction contract.”
“Nigel has also presided over unprecedented growth of SkyCity’s international business and he had the vision to develop the Federal Street precinct into an entertainment and world class dining hub for Auckland,”continued Moller. “On behalf of the Board, I thank Nigel and wish him well.”
SkyCity’s NZ Chief Operating Officer, John Mortensen has been appointed as the Interim CEO whilst the search goes on for the new chief executive. His appointment is subject to the usual regulatory approvals.
“It’s an incredibly demanding job and after eight years, I’m keen to take a break,” said Morrison.
“The company is in great shape with record revenues and profits and an eight year record high share price, with a market capitalisation of $3 billion. So as a CEO it’s a good time to step down.
Before his tenure at SkyCity, Morrison was the CFO of Galaxy Entertainment Group.
A conference call for investors will be held at 12 noon New Zealand time on Monday April 11 with CFO Rob Hamilton and Interim CEO John Mortensen, said the filing.