There have been lot of changes in organisations recently for tapping the markets in the right order and this is necessary from many different points within a company. More and more companies are restructuring their orgs as well as also reshuffling their business heads in order to attain the right numbers and targets set up them. In a recent move Sky City Entertainment Group announced the resignation of its CEO and managing director Nigel Morrison which will be effective from April29, 2016. Sky City’s chairman, Chris Moller said that the board and Morrison had been formally discussing succession planning since September last year and finally they both agreed on a common platform that it is right time to transition to a new chief executive as per the latest report filing by New Zealand Stock Exchange.
Chris Moller, Chairman applauded Morrison’s work and said that “Nigel has done an excellent job,” and added “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 Sky City’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.”
After Morrison’s resignation Sky City appointed its Chief Operating Officer, John Mortensen as interim CEO while the company is in the process to search for the new chief executive. However his appointment currently is subject to the usual regulatory approvals. In the meantime Morrison stated that “It’s an incredibly demanding job and after eight years, I’m keen to take a break,”. He further added “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 as the company’s CEO Morrison was the CFO of Galaxy Entertainment Group. Skycity witnessed a tremendous growth during his tenure and he added good value to the organisation with his vision and efforts.
Skycity is now scheduling a conference call for investors which will be held at 12 noon New Zealand time on Monday April 11 with CFO Rob Hamilton and Interim CEO John Mortensen as per the reports shared by the co..
