Neal Barclay steps down in 2025, Mike Roan appointed CE

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Neal Barclay steps down in 2025, Mike Roan appointed Chief
Executive

12 December 2024

Following seven years leading Meridian Energy, Neal Barclay has made the decision to step down as
Chief Executive at the end of June 2025. Neal Barclay was appointed as Chief Executive in January
2018 after holding a number of senior executive roles at the company.
Meridian Chair Mark Verbiest said the Board sincerely thanked Neal for his exemplary leadership.
“During his time as Chief Executive, Neal has grown a renewable development pipeline that will
double the size of Meridian’s current asset base, championed customers and decarbonisation,
secured a sustainable 20-year contract with New Zealand Aluminium Smelters and deepened
Meridian’s relationships with a variety of stakeholders.”
Barclay has also continued to drive Meridian’s commitment as a leader in sustainability.
“Neal’s vision has always been that businesses and countries who lead in sustainable practice will
form the thriving economies of the future. He has been unwavering in his mission to ensure
Meridian plays its part while providing long-term value for customers and Aotearoa New Zealand,”
adds Verbiest.
“Neal’s legacy will be this vision and his unique ability to balance commercial imperatives with a
focus on people both inside and external to the company.”
The Board also announced today that Mike Roan, Meridian’s Chief Financial Officer (CFO), has been
appointed as the company’s next Chief Executive.
Mike’s tenure at Meridian started in 2006 in the Strategy team. Since then, he has taken on various
leadership roles, including General Manager of Wholesale and his current role as CFO. Prior to
joining Meridian, he held roles in the New Zealand electricity sector and banking and spent time
away from his homeland working in the United States.
Last week Mike was awarded the Deloitte Top 200 CFO of the Year award.
Verbiest says the Meridian Board ran a comprehensive succession planning process, which included
an international scan of talent, and that process supported directors to reach the decision to appoint
Mike.
“The Board is delighted that Meridian’s development programme and succession planning is
nurturing world class talent.”
“Mike has been the driving force behind several of Meridian’s strategic and commercial initiatives
and his work has underpinned the company’s goal to build seven new renewable projects in seven

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years. He’s also played a key role in negotiating the new Tiwai Point demand response and supply
contract, providing long-term certainty and flexibility to the electricity system,” says Mark Verbiest.
Mike Roan will take on the Chief Executive role following Neal’s departure from Meridian on 30 June
2025.

ENDS
Jason Woolley
General Counsel
Meridian Energy Limited

For investor relations queries, please contact:
Owen Hackston
Investor Relations Manager
021 246 4772
For media queries, please contact:
Philip Clark
Head of Communications
027 838 5710

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Appendix: Detail of New Chief Executive’s Remuneration


Effective 30 June 2025, Mike Roan’s remuneration package will comprise:


Component Description

Fixed remuneration
Base salary Annual base salary of $1,123,870.

KiwiSaver on base salary 4% matched contributions.


Variable pay
Short-term incentive
(STI)
The STI is an at-risk incentive, which may be offered for a
specific year by invitation from the Board.
Potential STI payments are wholly discretionary and reflect
the achievement of pre-determined Board-approved
company profit levels, individual achievements of
performance objectives aligned to business strategy and
goals, and employee behaviour compliant with the Meridian
Code of Conduct. If criteria are met, payment is currently
made in cash after the end of the qualifying company year.
Chief Executive’s STI opportunity is 60% of base salary.

Long-term incentive (LTI) An LTI plan is offered at the discretion of the Board to align
senior management and shareholders’ interests and optimise
long-term shareholder returns.
Under Meridian’s LTI plan, the company issues rights to
acquire ordinary shares in the company (Performance Share
Rights) to eligible participants who accept the offer to
participate in the LTI plan. Each Performance Share Right
entitles the holder to one ordinary share in the company.
Vesting of Performance Share Rights under the LTI plan is
contingent on their meeting absolute and relative Total
Shareholder Return (TSR) performance hurdles at the
conclusion of a three-year period.
Chief Executive’s LTI opportunity is 40% of base salary.