South Port CEO to step down

South Port CEO Mark O’Connor will step down after 17 years in the role. He has worked for almost 25 years at the port, which was first listed in July 1994. Since O’Connor’s appointment as CEO in 2000, shares in the port have climbed more than 500 per cent, and recently traded at $5.35. Profit for the June 2016 year reached a record $8.7 million, and earnings climbed 54 per cent in the first half of the current financial year to $5.1 million. In its latest interim report, South Port noted an increase in 5000 tonnes of cargo to 1,517,000 tonnes. A 23,000-tonne decline in petroleum and a 30,000-tonne fall in stock food were offset by an increased 69,000 tonnes in logs and woodchips. Containerised cargo rose eight per cent. O’Connor previously informed the board that he would depart the sector when he turned 55. He will depart the company in October. “After my departure... I plan to take some time out and undertake some overseas travel,” he said. “Beyond that I will actively seek out some new Director positions where I can offer value.” South Port has said it will immediately begin seeking a replacement.