Freightways chief executive Dean Bracewell is stepping down after 34 years with the business and 18 as managing director.
The information management and courier company has announced Bracewell will be succeeded by one of the company’s executives, Mark Troughear from January next year.
Bracewell will remain in an advisory role until August 31. He joined Freightways after leaving school.
In a note to the NZX, Bracewell said he had decided the “time is now right” to step aside and he fully endorsed his successor.
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Toughear, who heads the information management division, has worked in the express package & business mail part of the business since joining Freightways in 1996.
Freightways’ chairman Sue Sheldon thanked Bracewell for his “very substantive contribution” to the business, noting his leadership through the company’s sharemarket float in 2003.
Since then, the company’s market capitalisation has grown from $195 million to $1.2 billion.
Freightways marked its 50th anniversary in 2014, and reported a 22 per lift in net profit this year to of $60.9m.