PNG POWER LTD CEO Tony Koiri announces his resignation

I would like to advise our customers and the general public of my resignation as Chief Executive Officer of PNG Power Ltd, effective from 26th April 2013.

I have been at the helm of PPL for six years now and have been considering for some time that the organization would benefit from a fresh approach at the highest level. Rather than prolong this transition process and after discussions with the PPL Board, it was agreed that my immediate departure would enable the Board to move forward quickly with replacement arrangements and set the direction with a new CEO.

I also advise that I have been retained by the PPL Board for the next six months as a special advisor to allow my institutional knowledge and experience to remain available and to assist in any way I can with the transition to new company leadership. I should add that these arrangements have all proceeded by amicable discussions with the PPL board and with the endorsement of the Minister for Public Enterprise and State Investment, Hon Ben Micah.

I would also like to stress that there are no other influences that have led to my resignation. The reasons are as stated above and reflect my honest desire for PPL to continue to improve its services to the people of PNG as well as being a strong business entity for the PNG Government. Change is an important requirement to achieve these ends.

Finally I would like to take this opportunity to thank all the business leaders and general public for the generous support I have received during my tenure as CEO. While there have been challenges along the way, the understanding and cooperation of our customers has always been encouraging and contributed to the ongoing success of the company.

Tony Koiri
Chief Executive Office