- Tony McKenna commences work as the new Managing Director (MD) and Chief Executive Officer (CEO) for Midway (MWB), Australia’s only listed woodfibre processor and exporter
- The appointment follows the decision of previous MD and CEO Tony Price to step down after 6 years to pursue non-executive roles
- Mr McKenna has extensive international experience in delivering growth strategies and major investment projects, and has worked on mergers and acquisitions, private equity, and operational management for over 20 years
- Shares are down 5.8 per cent to $1.06
Tony McKenna has commenced work as the new Managing Director (MD) and Chief Executive Officer (CEO) for Midway (MWY), Australia’s only listed woodfibre processor and exporter.
The appointment was announced in July and follows the decision of previous MD and CEO Tony Price to step down to pursue non-executive roles.
Mr McKenna has extensive international experience in delivering growth strategies and major investment projects.
He has worked on mergers and acquisitions, private equity, and operational management for over 20 years and been responsible for operations in China, New Zealand, South Africa, Argentina, the US and the UK.
Since 2016, Mr McKenna has been MD and CEO of Ruyi Australia Group where he has been responsible for Australia’s largest cotton farm Cubbie Station and one of the world’s premier wool processing and trading businesses, Lempriere Wool.
Midway said the new MD and CEO’s experience will directly assist with future growth plans, including leveraging core businesses, expanding in complementary opportunities, and investing in emerging technologies.
MWY Chairman Greg McCormack thanked the former MD and CEO for his contribution to company growth over the last six years, including the listing of the company on the Australian Securities Exchange and domestic and international expansion.
The Midway Board has decided Mr Price’s performance rights will lapse on a pro rata basis over their respective performance periods. The performance rights which remain may then vest in the future if performance hurdles are met.
Mr McCormack said the Board looks forward to working with the new MD and CEO on future growth strategies that will generate sustainable returns to shareholders.
Shares were down 5.8 per cent to $1.06 at 2:03 pm AEDT.