Strong Performers
NZX CEOs and Chairs who delivered outstanding shareholder returns in their first three years of leadership
How We Identified Strong Performers
We analyzed every CEO and Chair appointment on the NZX from 2010-2021 with sufficient stock price data. Strong Performers are categorized into two tiers based on total shareholder returns in their first three years (excluding the initial transition year):
- Tier 1: 30%+ returns (31 leaders)
- Tier 2: 20-29% returns (4 leaders)
- Calculated from year 1-3 after appointment (year 0 = transition period)
- Based on actual stock price performance, not accounting adjustments
- Minimum data requirement: 100+ trading days of price history
Tier 1: Exceptional Performers
30%+ Three-Year Returns
Donal O'Dwyer
Fisher & Paykel Healthcare Corporation Limited
FPH
Scott St John
Fisher & Paykel Healthcare Corporation Limited
FPH
Lewis Gradon
Fisher & Paykel Healthcare Corporation Limited
FPH
Geraldine McBride
Fisher & Paykel Healthcare Corporation Limited
FPH
Gregory Raymond Tomlinson
Heartland Group Holdings Limited
HGH
Tony Carter
Fisher & Paykel Healthcare Corporation Limited
FPH
Tier 2: Solid Performers
20-29% Three-Year Returns
Key Insights for Investors
Chairs Are Majority of Strong Performers
Among our 35 strong performers, 20 are Chairs while 15 are CEOs. This highlights the critical role of board leadership in driving shareholder value through strategic oversight, governance, and executive accountability.
Fisher & Paykel Healthcare: The Standout
FPH appears 5 times in Tier 1 with different leaders spanning 2010-2016 appointments, demonstrating exceptional board succession planning and sustained strategic excellence that consistently delivers for shareholders.
First Three Years Are Critical
Strong leaders make their impact quickly. Our 31 Tier 1 performers all delivered returns above 30% within their first 3 years, demonstrating that effective leadership shows measurable results early.
Long-Tenured, Company-Specific Success
Most strong performers in our analysis achieved their exceptional returns at a single company where they committed long-term, rather than replicating success across multiple organizations. This suggests their value creation is deeply rooted in company-specific knowledge, relationships, and strategic decisions built over time, rather than a portable formula applied everywhere.
Tier 2 Shows Consistent Performers
The 4 Tier 2 performers (20-29% returns) include Julia Hoare at Auckland Airport and Dame Joan Withers at The Warehouse Group, demonstrating that even leaders at large, mature companies can deliver meaningful shareholder value through steady operational excellence.
Analysis Methodology
Data Source: NZX stock prices from 2010-2024, director appointment records from NZXplorer database.
Calculation Period: We measured returns from January 1st of Year 1 (the first full year after appointment) through December 31st of Year 3. This excludes Year 0 (the transition period when the leader was settling in).
Return Calculation: Total return based on adjusted closing prices, averaging the first 5 and last 5 trading days of each period to smooth volatility.
Tier Classification: Leaders are classified into two tiers based on their three-year returns: Tier 1 (30%+ returns) includes 31 leaders, representing the top performers. Tier 2 (20-29% returns) includes 4 leaders who delivered solid but slightly lower returns.
Sample Size: Analyzed 98 CEO and Chair appointments from 2010-2021 with sufficient stock price data. Appointments after 2021 were excluded as they lack a complete 3-year track record. 35 leaders (36%) qualified as Strong Performers with 20%+ returns.