Executive proud of record Downunder

Jonathan Mason

Protecting Carter Holt Harvey from the ravages of a strong dollar, improving the balance sheet and working towards increasing dividends are the achievements departing chief financial officer Jonathan Mason is most proud of.

The Michigan native is returning to the United States after a four-year stint with the forest products company.

"I came down here for three years and managed to extend it [for a fourth] so I think that shows how much I have enjoyed the challenge, the work and the people," said 46-year-old Mason.

He will step down on March 1 to take over as vice-president and treasurer at Carter Holt's parent company, International Paper.

Under his watch, the company repaid more than $1 billion of debt and returned more than $800 million to shareholders through dividends and capital returns.

It also locked in a five-year foreign exchange hedge at 40USc - the kiwi dollar is now trading around 70USc.

Mason joined Carter Holt in November 2000 after a decade of senior business-related finance positions with companies including International Paper, where he was in charge of distribution, and ExxonMobil.

But he will not be able to fully shed his Kiwi connection.

His second daughter was born here and the family of four have all become New Zealand citizens.

Carter Holt chief executive Peter Springford said the company was sorry to see Mason go but he would continue to have an active interest through his new role.

Brokers said the vacancy should not upset investors and the market appeared to agree.

The share price closed up 2c at $2.06 yesterday.

The search - internal and external - for Mason's successor has begun.

* Carter Holt is due to release its annual result next Thursday.