Our studies suggest that the top 25 shareholders collectively control less than half of the company's shares, meaning that the company's shares are widely disseminated and there is no dominant shareholder. During his tenure, Drinkwater has witnessed huge changes in technology. Plested is within a hair's breadth of becoming a billionaire - on paper at least - from his Mainfreight stake alone when the shares hit an all-time high $60.10 yesterday, valuing the 16.2 million shares he directly owns or oversees as a trustee at $974.7 million.The shares were trading this morning at $59.30 for a valuation of $960.55 million for Plested's stake.Feted We had trouble validating your card. Mainfreight is a pretty big company. Mainfreight founder and chairman Bruce Plested. To celebrate his 70th birthday Plested gave $1000 to everyone who had worked for Mainfreight for a year or more. There's more to the man's generosity than this example. Chia Sisters introduces game-changing drinks packaging taking inspiration from an unexpected sector. That while in theory its possible to scale up and down when using public cloud, in reality the latter almost never happens. Plested's secretary Carol Selwyn says she doesn't do slow: "It would be hard to work for anyone who moves slower than I do." In New Zealand, Mainfreight has partnered with Spark on an internet of things (IoT) network to keep track of shipments, and this effort may extend to more analytical capability. The Last 12 Months Of Insider Transactions At Mainfreight Notably, that recent purchase by Founding Owner & Executive Chairman Bruce Plested was not the only time they bought Mainfreight. While peoples salaries reflect their positions of responsibility, the idea is that at a branch level they can only win by playing as a team. Liked by Tansy Austin. Bruce Plested. He is a long-term bull on the stock and I have no issue whatsoever with his move.". Or use the information youve already given Google to create your subscription. Reminder, this is a Premium article and requires a subscription to read. As for Mainfreight, he wants to build a 100-year company, and so there's no short-term decisions.. Here, he shares the lessons of his career with CIOs everywhere. The Mairs enjoyed sailing and fishing. The certification is based. He says Plested's motivation mixes incentives with responsibility. "At the moment, you only need to go 200m off from Oneroa and discharge." The port company is well advanced with its new 350m long wharf, having installed 380 of the 400 piles, constructed 35 per cent of the deck and completed more than half of the dredging. Property market metrics show the national average asking price is now almost $100,000 down on a year ago. He says education is an area where New Zealand could improve by teaching students how to create new technology, rather than just be passive users of it. The Mainfreight culture is also focussed on the long term, and the business has a 100-year vision. From his Auburn St offices at Takapuna, he spreads his hands wide to illustrate the size of what he discovered. subscription needed. Within four months of the sale, that system was ripped out and replaced by Mainfreights bespoke system at a cost of $25,000 and the finance team reduced to three people. Empowerment can be rewarding in other ways. You can cancel anytime with two clicks, an email or a phone call. Photo / NZME. The lender said it's engaged with the board on "plans for remediation". There is nothing better than having a rugby star saying I would not be an All Black if it weren't for books, says Plested. Mainfreight 5 years 8 months National Sales Manager Apr 2021 - Present2 years 1 month New Zealand Sales Manager Jan 2020 - Apr 20211 year 4 months Auckland, New Zealand Account Manager Apr 2018 -. Located in a very diverse region rich in assets, not only geographically (relief, climate), but also economic and human, the Lyon-Grenoble Auvergne-Rhne-Alpes is the latest INRAE centre to be created. Founded by Bruce Plested who started the company with just NZD$7000.00 and a 1969 Bedford Truck. Last year the business had revenue of NZ$1.9 billion and expects to reach $2 billion this year. He has also been involved in organisations outside Mainfreight, notably TUANZ when it was lobbying for a national fibre network a decade ago, and as the current chair of Duffy Books in Homes. What sort of money? Likewise, his strongly-held beliefs relating to the importance of education and of recycling/ sustainability, continue to positively shape the Companys behaviours. Plans to develop Waiheke Island's first marina are opposed by Mori as well as rich-lister Bruce Plested, chairman and founder of Mainfreight with a $6.8 billion market capitalisation. Fortunately, the pandemic has been kept at bay in New Zealand and the economy hasnt taken a dive, but Drinkwaters decision to retire from Mainfreight prevailed. Essentially the company helps firms move and store goods from A to B via land, air and sea. Currently, he is Executive Chairman at this company and Chairman of Mainfreight GmbH (a subsidiary of Mainfreight Ltd.). Mainfreight Ltd. engages in the freight logistics services and supply chain solutions. He is also on the board of Rorohara No 2 Trust. The top 10 UPS competitors are; FedEx, DB Schenker, Mainfreight, United States Postal Service, DPDgroup, Purolator, CEVA Logistics, C. H. Robinson, DHL, and YRC Worldwide. The Top 200 Awards judges say he built a global transport company from nothing. Mainfreight also renamed Wim Bosman branches in the countries France, Poland, Russia and Ukraine under the Mainfreight name.[12]. "It's a disgrace, a kind of ", Bruce Plested starts Mainfreight Auckland. During the first lockdown in March 2020 when COVID-19 was set to rage across New Zealand and mass unemployment was expected if the economy crashed, he wondered if it was time to give someone else a go at Mainfreight. Having started his own freight business in 1978 when he set out with $7200 and an old Bedford truck, 78-year-old Plested now chairs a global juggernaut that goes from strength to strength. In the process, Bruce Plested has become one of New Zealand's latest billionaires. Notably, sometimes top-level managers are on the board themselves. Thats at least 10% of the branchs profit, and we paid worldwide $28 million in profit bonuses last year, Drinkwater says. Insights Newsletter. Liked by Brad Greer. Currently, he is Executive Chairman at this company and Chairman of Mainfreight GmbH (a subsidiary of Mainfreight Ltd.). Mainfreight was founded on 6 March 1978 by Bruce Plested who started the company with just $7,200 and a 1969 Bedford truck. Plested is within a hair's breadth of becoming a billionaire - on paper at least - from his Mainfreight stake alone when the shares hit an all-time high $60.10 yesterday, valuing the 16.2 million shares he directly owns or oversees as a trustee at $974.7 million.The shares were trading this morning at $59.30 for a valuation of $960.55 million for Bruce believes in sharing success with people who work hard. Reporting is done weekly. Mainfreight is a rapidly expanding international business, so there's no shortage of overseas postings on offer. The broad rally seen over the previous three trading days also petered out. Founded by Bruce Plested who started the company with just NZD$7000.00 and a 1969 Bedford Truck. Something else binds employees to their branch: Mainfreight pays a bonus on a branch by branch basis where 10 per cent of net profit goes to employees. He is also on the board of Rorohara No 2 Trust. Large companies usually have institutions as shareholders, and we usually see insiders owning shares in smaller companies. 2 Trust. Mair said he had grown up at Stanley Point in the 1950s, had developed around 18 marinas here and overseas and is vowing to carry on. The charity acquired more shares since then and they were worth $5.68m in June 2020. Read Less Key Principal: Bruce George PLESTED See more contacts Industry: Warehousing and Storage , Freight Transportation Arrangement , Transportation and Warehousing , General warehousing and storage , Special warehousing and storage, nec Aligned with shareholders. Working with Ngti Poa Iwi Trust Board and others in the community are aspects he takes pride in. Profile. Mair is the youngest of three. The Mainfreight instruction manual is short: Feel the fear but do it anyway. So it went to the Court of Appeal, which also said no. The government must focus on supporting exporters to innovate. He has also personally funded marinas at Tutukaka, pua and rkei. Mainfreight dominated the trading on the New Zealand sharemarket after it was revealed that its chairman Bruce Plested sold $75 million worth of shares in the transport and logistics company. Mainfreight executive chairman Bruce Plested is the winner of the Deloitte Top 200 Visionary Leader 2014 Award. He was sent to the Bluff aluminium smelter and Manapouri underground power projects, helped drive a 500m channel through a Samoan coral reef, and helped build 48 bridges in Fiji. You may withdraw your consent at any time. Change to Next-generation, cloud-based ERP systems yield new levels of strategic agility and business insights. It has been listed on the New Zealand Exchange since 1996. Everyone can see the bottom line and everyone understands what it means for the company and for themselves. If youre in the kitchen or the branch manager, you get the same amount of dollars based on your branchs performance, Drinkwater says. Nearly 30 years ago the billionaire helped kick-start the Duffy Books in Homes programme, along with writer Alan Duff and philanthropist Christine Fernyhough. In 2016, when Auckland Council granted consent, SKP appealed that to the Environment Court but was refused and the consent was upheld. They describe him as both a "rounded person who links to the commercial community" and an "extraordinary character". The share sale was disclosed to the NZX today and indicated one million shares were sold from Rorohara No. Profile. Braid says over the years the chairman has designed a philosophy to run the company. They put it up for sale in 2012 with an asking price of. The Founding Owner & Executive Chairman Bruce Plested made the biggest insider purchase in the last 12 months. In May 2011, Mainfreight established a CaroTrans branch in Santiago, Chile. Nearly a third of the trading value was in Mainfreight, which fell $1.80 or 2.33 per cent to $75.30. A licence from New Zealand Railways Corporation was needed to carry freight over 150km. In his 35-year career, Kevin Drinkwater has seen tremendous change and many fads. The Top 200 Awards judges say he built a global transport company from nothing and has done many wonderful things along the way. Celebrating our founder, Bruce Plested's 80th Birthday at Mainfreight Warehousing Toronto! I'm a life member of IPENZ (the Institute of Professional Engineers)," he says, referring to the old name of the now-rebranded professional body Engineering New Zealand. This article by Simply Wall St is general in nature. "It's about creating a feeling of whanau. I generally like to see some degree of insider ownership, even if only a little. He hasnt made any plans beyond the summer other than continuing as chair of Duffy Books in Homes, but he will be looking at new opportunities that crop up. Please note that with cookies disabled you will have a degraded experience with some features. Ngti Poa iwi members have also been camping at the site where Mair's business began development in early March. Braid says Mainfreight is a strong believer that people can make mistakes, but though Plested can be a tolerant manager, Braid says there's nothing loose about the way the business is run: "Bruce has an eye for detail.". But David Baigent of marina opponents SKP Inc describes the project as "an offensive, elitist edifice". That noted, before packing your bags you can expect to spend your first few years in Australia building your knowledge, skills and understanding of the Mainfreight way. He sets high standards for himself and has created a family atmosphere where people want to prove their worth to him. Despite the protests, his view is the score is now 18 down, one to go. "It's a small part of his overall holding and I suspect it would have pained him to sell. The list of best things to do in Auvergne-Rhne-Alpes includes sightseeing, pretty towns, history, and natural wonders! In 2008, the United States locations were re-branded as Mainfreight USA. Mainfreights newest regions, Asia, Europe and The Americas (spanning from Canada to South America), are expected to grow exponentially as the world trade shifts towards other developing countries. Target has offices in 35 cities throughout the United States and an international network of agents in over 70 countries.[15]. In November 2014, Mainfreight acquired a regional air and sea freight company located in Dunedin. So SKP went to the High Court asking for permission for a rehearing in the Environment Court on the basis of having new evidence. He built a billion-dollar logistics business, starting with a single Bedford truck in the 1970s. Despite a steady recovery in 2021, the magazine was hit by a recent decline in volumes and rising costs. madness, quite extreme. Other high profile residents on Waiheke include former All Blacks rugby coach Sir Graham Henry, Mainfreight transport founder Bruce Plested and New Zealand's richest man Graeme Hart, who bought . Local firm Heron Construction has the manufacturing rights for that system here and Mair has been to Sweden to meet the firm's chiefs. With 5.1% and 4.6% of the shares outstanding respectively, Fisher Funds Management Limited and Harbour Asset Management Limited are the second and third largest shareholders. However, high insider ownership can also give immense power to a small group within the company. Shares go up and down.". The latest ANZ-Roy Morgan Consumer Confidence Index has lifted one point in April, but still remains "at an extremely low level". There are no company memos and as little email as they can get away with. "We changed from a u-shape to a central pine walkway 3.3m wide by 150m long.". That will be a jack-up barge with a drilling rig, able to work on the 26 reinforced concrete piles for the new wharf. Much closer on the horizon are electric trucks. For six years, he has fought to build an Auckland marina adjacent to SeaLink's vehicle ferry terminal and breakwater on Waiheke Island. You can change your choices at any time by clicking on the 'Privacy dashboard' links on our sites and apps. To join your company account for BusinessDesk and enjoy full access, They all know they are expected to look after customers, giving them a high quality freight service," he says. Notably, that recent purchase by Bruce Plested is the biggest insider purchase of Mainfreight shares that we've seen in the last year. During that time the business has expanded its operation into 26 countries and its staff count has grown from 80 to 8,600. When an insider holds a sizeable amount of a company's stock,. This risk is higher in a company without a history of growth. Now, SKP is going to the Supreme Court to get the High Court ruling overturned and allow it to go back to the Environment Court. "We are funding this by donors coming up to us and putting serious financial skin in the game.". The company was founded by Bruce G. Plested in 1978 and is headquartered in Auckland, New Zealand. Precinct Properties reported a full-year revaluation gain of $284m including the $148.5m increase recognised at the end of December. "Five-figure sums," Baigent said last year. The seafloor slopes naturally, eliminating any need for dredging. As for new sector-specific technologies, he says that driverless trucks are on their way but the technology isnt here yet. Plans to develop Waiheke Island's first marina are opposed by Mori as well as rich-lister Bruce Plested, chairman and founder of Mainfreight with a $6.8 billion market capitalisation. The company was established in Auckland, New Zealand, in 1978 by our current Chairman, Bruce Plested. Plested is a thinker. Bruce George Plested founded Mainfreight Ltd. "Completion of the whole project will be at the end of next year," Mair said. NB: Figures in this article are calculated using data from the last twelve months, which refer to the 12-month period ending on the last date of the month the financial statement is dated. Visit Lyon. Greg Hurrell left a journalism career to work around the Middle East for 23 years and returned to New Zealand full-time in 2020. 25+ search types; Win/Lin/Mac SDK; hundreds of reviews; full evaluations. Richard Prebble is by profession a lawyer. A "living wage" is paid, Plested has contributed to the Maori Party, and Mainfreight also sponsors a school in Otara. The government vs Mainfreight. Its a way of saying things that couldnt be said elsewhere, Plested said. Get started by entering your email address below. He will officially leave the business at the end of this year and his successor, John Eshuis, who has held finance and IT roles at Mainfreight since 2002, has been named his successor. In addition to the all-hands Board meetings, the Board will have a number of . Plested got in touch with Duff after seeing the writer in a documentary, talking about the state of New Zealand. While studying institutional ownership for a company can add value to your research, it is also a good practice to research analyst recommendations to get a deeper understand of a stock's expected performance. The marina will be open to the public during daylight hours, with access available to the main marina pier and caf. Asia, and the United States. [11], Since 2011, Mainfreight, under the Wim Bosman name, have opened new branches in Bergen op Zoom in The Netherlands, Cluj-Napoca in Romania, Frankfurt and Gelsenkirchen in Germany, London in United Kingdom, and Pozna/Lubo in Poland. [17], "Shareholding Information - Mainfreight Limited", "Mainfreight co-founder Neil Graham dies", "Road transport regulation a controversial measure to protect railways", "Mainfreight announces agreement to acquire Halford International", "Mainfreight breaks into Europe with $227m acquisition", "Mainfreight sues for $18m after shock client loss", "Mainfreight gets $14m payout - drops Euro claim", "The Wim Bosman Group becomes Mainfreight", "Mainfreight sells Pan Orient Project Logistics and its 75% shareholding in LEP (New Zealand and Australia) for over A$83 million", "Mainfreight Limited (Mainfreight) completes sale of Pan Orient Project Logistics", "Target Logistics, Inc. Agrees to be Acquired by Mainfreight Limited", https://en.wikipedia.org/w/index.php?title=Mainfreight&oldid=1136159997, Daily Freight (NZ), Carotrans (Worldwide), Owens (AU/NZ), ChemCouriers (AU/NZ) Mainfreight Europe (EU), This page was last edited on 29 January 2023, at 01:07. And Drinkwater says that COVID-19 has changed the nature of work irrevocably by showing that working from homeor from anywhereis achievable at scale. He was later joined by Neil Graham. Based on our data team's research, Ben Fitts is the Mainfreight's CEO. That means that even when the share price was higher. Marina services will run in hollow shafts within the new pontoons, bringing power, fresh water and fibre for communications and security cameras to each berth. It is part of a distinct leadership style; a theme that runs through the history of the man and the company he founded with a single Bedford truck and $7000 some 37 years ago. FedEx remains UPS's biggest competitor. New Engineer jobs added daily. So they generally do consider buying larger companies that are included in the relevant benchmark index. Today Mainfreight has been transformed into a major international logistics company with 6011 employees working in 233 operations around the world. Chia Sisters introduces game-changing drinks packaging taking inspiration from an unexpected sector. [3] [4] When the company was founded it entered a highly regulated transport market. Insiders At Mainfreight Have Bought Stock Recently Over the last three months, we've seen significantly more insider buying, than insider selling, at Mainfreight. Understand how edge computing is transforming business performance, Exit interview: Mainfreight CIO shares tech insights before signing off, dtSearch - INSTANTLY SEARCH TERABYTES of files, emails, databases, web data. "That was the start of the marina division where we got up to 60 staff eventually.". Mainfreight was founded in 1977 by the visionary Bruce Plested, who set out to make the company a family, a team, where everyone has a share in the riches and where the word 'management' is. The other thing is to have our own ideas. It's all part of the firms celebrated Mainfreight way. "It is all about visionary leadership. In looking back at his career, Drinkwater tells CIO New Zealand there are two ways for CIOs to measure their success: One is whether the solutions they deploy are better than people expected, and the other is whether the business keeps wanting to spend money on technology. To join your company account for BusinessDesk and enjoy full access, Take IDCs ERP Modernization Maturity Assessment to benchmark your organizations progress against your peers. It now sits at 79.3.ANZs chief economist Sharon Zollner said households were concerned about the rising cost of living, particularly those with large ANZs economists now expects house prices to fall 18% from the November 2021 peak and bottom out in June.It previously signalled they would fall 22% but noted housing market data has been stronger than expected. This can be negative in some circumstances. In the 12 months ended June 2021, the Alan Duff Charitable Foundation received $3.65 million, mostly grants and donations, and included a $110,000 investment dividend. Please contact your card provider or customer support. Waiheke Island marina re-hearing denied, Kennedy Point project to proceed - NZ Herald, Kennedy Point marina construction starting, berths sold from $180k each - NZ Herald, Opponents lose Appeal Court attempt against Waiheke's first commercial marina - NZ Herald. "It turned out to be the best money they ever made, Plested admits. On March 9, Heron Construction Co sent in the 180-tonne barge Calliope, a 50m x 20m structure topped by a 150ft beam crane, able to lift the heavy gear into place at Kennedy Point. The company was co-founded by current Chairman Bruce Plested in 1978.. Plested decided to start up his own freight business after he was fired over "allegedly swinging a . The Centre is part of a particularly dynamic ecosystem, within the second French . Quite a few analysts cover the stock, so you could look into forecast growth quite easily. She says: "He can talk to people, of course the secret to doing that is being a good listener.". They make their own decisions and have autonomy, but they want 'Dad' to be happy with them. Mainfreight Americas 21,433 followers 7mo Hey there Dallas, TX! Bruce Plested, founder of Mainfreight, said his business partner of 36 years was "the humourist and salesman without peer". Click on [Agree] or [Disagree] to accept or refuse cookies. Its usually considered a good sign when insiders own a significant number of shares in the company, and in this case, we're glad to see a company insider play the role of a key stakeholder. Mainfreight commenced operations in Auckland in 1978 and is the largest freight company in New Zealand. Find out more about how we use your personal data in our privacy policy and cookie policy. "By having a generosity spirit, we get far more back than we give away" - Bruce Plested, Founder and Chairman of Mainfreight. Her knowledge of high-tech companies is a welcome addition to the Boards capabilities, as is her familiarity with the complexities of acquisitions, and steering companies through growth and change. As a Government Minister, Richard was responsible for creating SOEs, deregulating telecommunications and broadcasting, reforming ports, airports, railways and aviation. The government must focus on supporting exporters to innovate. Normally institutions would own a significant portion of a company this size. He earlier studied science at the Victoria University of Wellington. Mainfreight chairman Bruce Plested sold 1 million shares worth $75 million. The High Court said no. You can see Mainfreight's historic earnings and revenue below, but keep in mind there's always more to the story. Mainfreight chairman Bruce Plested has again used the company's annual report to speak out on social inequality, asking if sharing a percentage of profits among the people who helped create them . Recent reads includeKleptomania: How Dirty Money is Conquering the World by Tom Burgiss, and Affluenza by Oliver James, a treatise on how consumerism on steroids is making people miserable and unfulfilled.
