After a 34-year career with Freightways, and 18 years as its managing director, Dean Bracewell is stepping down from his current position on December 31, 2017.
Bracewell will continue to provide an advisory capacity to the board and Freightways management until August 31, 2018.
Freightways is appointing Mark Troughear as its new chief executive officer, from January 1, 2018.
Troughear has worked in and led businesses in the express package and business mail division since joining Freightways in 1996 and has responsibility for the information management division.
He is qualified with a business degree, majoring in marketing. As a key member of Freightways’ executive team, Troughear is experienced in setting the company’s strategic direction and its overall performance.
“I am delighted that the leadership of Freightways will pass to Mark, whose appointment I fully endorse,” says Bracewell.
Freightways’ chairperson, Sue Sheldon says that a well-developed succession management programme has enabled this internal selection to occur in a manner that will result in a seamless transition.
“The Board thanks Dean for his very substantive contribution to Freightways over a long and fruitful career with the company,” says Sheldon.
“Dean’s focus on developing internal talent and capability, together with his extended period of notice, allows Freightways to continue without interruption while transitioning its leadership,” she says.
Bracewell led Freightways through its IPO in 2003 at a listing price of $1.60 and an initial market cap of $195 million to the latest share price of $7.90 and market cap of $1.2 billion.”
“Dean’s relentless focus on organic growth and strategic investment in acquisitions and operating capacity, combined with strong business disciplines, has generated a Total Shareholder Return of 632% since Freightways listed, representing 15% compound annual growth over this period,” says Sheldon.
