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Oldfield Extended as Halifax Port Authority Head

Halifax, NS - February 25, 2009 – The Halifax Port Authority’s board of directors today announced the re-appointment of President and Chief Executive Officer Karen Oldfield.

Mark MacDonald, chair of the board of directors, said that the Port of Halifax’s overall profitability and financial strength has grown under Ms. Oldfield’s leadership.  The board extended Ms. Oldfield’s contract following a six month performance evaluation, negotiation and renewal process.  Her new contract will be in place until December 31, 2012.

“Prudent and careful management, supported by sound business decisions made by Ms. Oldfield and her team, have resulted in many benefits for the Port of Halifax, the greater Halifax community and all of Nova Scotia,” said Mr. MacDonald.  “These benefits include better financial returns for the Port of Halifax, greater investments in capital improvements for cargo customers, record high cruise ship traffic at a time of fewer tourists coming to Nova Scotia and becoming the first Canadian port with acredit rating.”

Since Ms. Oldfield joined the Halifax Port Authority:

• Operating income during the past 5 years totalled $73million, compared to $38 million in the five years previous to her appointment;
  
• Capital investments have totalled $100 million, compared to $50 million in the 5 years previous to her appointment;
• In 2007, Halifax became the first port authority in Canada to receive acredit rating (Rating - A, Outlook - Stablefrom Standard & Poors) This rating was reaffirmed in 2008.

“A profitable, financially strong Port of Halifax allows the management team to continue to work with partners to seek out new opportunities,” said Mr. MacDonald.  “The financial position of the Port of Halifax is a strong reflection of the performance of Karen Oldfield and her team.  It also positions the port well to weather a difficult period with our partners and our customers.”

Audited financial statements for 2008 are currently being finalized and will be distributed prior to the authority’s Annual General Meeting.  In 2008, the Port experienced growth in 3 areas of business (cruise, breakbulk and roll on/roll offcargo) while activity declined in 2 areas (container and bulk cargo).

“The vote of confidence extended to me and the team at the Port by the board of directors is a tribute to the hard work of many people,” said Ms. Oldfield. “The Halifax Port Authority and its partners recognize that much has been accomplished and that a sustained effort is required to retain and attract business in these very challenging times.”

The board of directors also agreed to the request by Ms. Oldfield and the senior management team to defer executive salary increases at this time. 

“In the current economic climate, our executive team felt that not accepting any salary increases was the right thing to do,” added Ms. Oldfield.

Karen Oldfield has held the top position at the Port of Halifax since 2002.  She had contributed her leadership skills to a variety of community causes, including the Halifax Gateway Council, Greater Halifax Partnership, QEII Foundation and Saint Mary’s University Board of Governors.

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Contact:

Michele Peveril
Manager, Corporate Communications and Public Affairs
Halifax Port Authority
902-426-1060

 

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