Business leader of the year - Ralph Waters

Fletcher Building chief executive Ralph Waters reaffirmed the Herald's decision to name him business leader of the year with a single word.

The 55-year old, brought up in a working-class neighbourhood in a fishing town in southeast Queensland, has already made a small fortune.

But he says he keeps up the long hours and the responsibility for managing a business employing more than 12,000 people and making $4 billion of sales because he likes to see a job well done.

"Money is not the motivation. I come from a bloody working class family that had nothing and I have now got more than I can spend in the rest of my lifetime. You do it for pride."

He has plenty to be proud about. A boom in construction has helped him reverse the $272 million loss he revealed shortly after he took over in 2001 into a $240 million profit this year. But he has more than proved his mettle with a series of smart acquisitions across the Tasman.

This turnaround satisfied in spades the cardinal quality of the Herald's business leader of the year award - remarkable success.

It satisfied our wish to honour a leader who has vision, who succeeded against adversity and who boosted New Zealand's standing on the world stage.

But the Business Herald also decided in Waters' favour because he is less than predictable. Twice he has broken ranks with the business community. First he sought to debunk claims that New Zealand's tax regime was less competitive than Australia's (a topic on which he was well qualified to comment). Secondly he dismissed the business lobby's opposition to the new employment legislation as an expression of a serf mentality.

The Business Herald is not endorsing Waters' views but it appreciates his honesty and finds his attitude refreshing.

Waters faced tough competition this year. For the third year in a row New Zealand Exchange chief executive Mark Weldon featured on our list of contenders. He has injected the once-staid exchange with excitement, making it cool - a quality that should encouraged if New Zealand is to foster entrepreneurship and innovation.

He has also presided over a stunning rise in the stock market and a number of new listings.

Port of Tauranga chief Jon Mayson's creation of Metroport in South Auckland has deprived arch rival Ports of Auckland of thousands of containers of cargo.

The urban port has allowed Tauranga to compete in freight markets south of Auckland. Mayson has also made a success of a new coal terminal and upgraded the port's container handling facilities. All this despite a plunge in log exports.

Other names deserving honourable mention include Fisher & Paykel Healthcare chief executive Mike Daniell. He has won plaudits for his product developments and his investment in research and development.

Finally we welcome the re-emergence of Craig Norgate with his takeover of rural services group Wrightson.