Kiwi in control at Carter

By Mark Reynolds

Carter Holt Harvey has appointed Chris Liddell as chief executive designate.

Mr Liddell will take over the top job at New Zealand's second largest listed company when current head John Faraci returns to the United States in mid May.

Mr Liddell will be the first New Zealander in the prime post at Carter Holt since control of the company was bought by International Paper of the United States in 1992.

He said his first priority would be to continue the cost reduction and performance improvement measures that have been introduced at the company over the past three years. But he also said it was time for the company to look at expanding its customer base further.

The change in top brass at Carter Holt could signal an end to a difficult period for the company. Mr Faraci has had to steer it through a commodity slump and a resultant sharp downturn in prices for most of the forestry-related products Carter Holt deals in.

Company chairman Sir Wilson Whineray paid tribute to Mr Faraci's stewardship yesterday, saying he had made an outstanding contribution in a "very difficult period".

Mr Faraci's legacy will in part be formally recorded on Friday, when the company details its accounts for the financial year to the end of March.