TEXT-NZ's TrustPower CEO to retire

(The following statement was released by the company)

WELLINGTON, May 22 - TrustPower Chairman, Dr Bruce Harker, advises that Keith Tempest has informed the Board that after 23 years employment with the company and 8 years as its Chief Executive he plans to 'hang up his TrustPower boots' around Christmas 2009 but proposes to continue his involvement in the wider business community in more of a governance role.

Dr Harker said "Keith is an exceptional team leader and we would all prefer that he carried on for few more years but we also respect Keith's decision to contribute in different roles as he moves on from TrustPower."

Keith has built and leads a high performance team which has proven its capability time and time again over the years. The Board is fortunate in having such depth of internal management capability and expects internal candidates to compete strongly with external candidates for the Chief Executive role. The Board intends to promptly commence an appointment process.

TrustPower has been one of New Zealand's top performing companies over many years and the Board is confident that the TrustPower team will continue this record.