Eastland Group’s head office will be reshaped into a holding company following the sale of Eastland Network and the sale of 50 per cent of Eastland Generation.
The restructuring will result in the departure of Eastland Group chief executive Matt Todd, who has been in the role since 2003. The 2023 sale of Eastland Network for $260 million and the following year’s 50 per cent sale of Eastland Generation to Obayashi Corporation for more than $250m has led to the move to “reshape”.
In recent months, Eastland Port and Eastland Generation have operated under independent boards.
Eastland Port includes Gisborne Airport and other regional infrastructure investments.
Eastland Group has historically provided these entities with a range of corporate services, which are no longer required.
Todd will support the transition to the new operating model before his departure in July.
Trust Tairāwhiti chairman David Battin acknowledged Todd for showing strong leadership, an innovative approach and for creating shareholder value over the past two decades.
“Eastland Group is one of the region’s greatest success stories, and trustees are incredibly proud of it.
“Under Matt’s guidance, the Eastland Group team built the company value to over $1 billion, resulting in $182 million in dividends back to the community through Trust Tairāwhiti,” he said.
“We would also like to acknowledge the exceptional team at Eastland Group head office, who have all played an important role in the company’s successes, as have our Eastland Group directors.”
Eastland Group chair Matanuku Mahuika also recognised the contributions of Todd and Eastland Group staff.
“It is important to thank Matt, and all the Eastland staff, for their individual and collective contributions to the company and the wider community.
“This is a business that has never stood still and has continued to grow and evolve over time.
“This has resulted in many successes, and it has generated a lot of value for our community.”
Todd said it had been a privilege to lead the company.
“After two decades in the role, it is a natural juncture for me to move on to pursue other personal and professional aspirations.
“The challenge that has kept me here over the years has always been to create and execute strategies to grow great businesses.
“This has required the development of a strong and capable management team, which I have been proud to lead.
“I have every confidence in them to steward the businesses into the future.”
Trustees have appointed current Eastland Group directors Matanuku Mahuika and Jon Nichols to the Eastland Generation joint venture board, alongside two Obayashi directors.
Todd has no immediate plans for the future but told the Gisborne Herald he was unlikely to take up another executive role.
“We want a bit more time, personally.
“I would look to do some consultancy work, maybe some board work.
“I don’t want to rush into it. We will give ourselves some time and think about it.
“It’s been a busy 20 years.”
A recruitment process is now under way for the board of Eastland Port (Regional Infrastructure).
Trustees have appointed current Eastland Group directors Wendie Harvey and Hamish Bell to the board, with another two to be recruited through a public process.
The new holding company will be responsible for monitoring and driving the performance of Eastland Port and Eastland Generation, and reporting through to Trust Tairāwhiti.
It will also work alongside the trust to assess future commercial investment opportunities.
