Long-serving Mainfreight CFO to step down

A bonneted truck brings a TEU to a container depot.

Mainfreight’s Chief Financial Officer for the last three decades is set to retire.

The retirement of CFO Tim Williams will be effective at the end of June he announced.

Williams became CFO shortly after the acquisition of Daily Freightways in 1994.

Prior to that he has held various finance roles since 1984.

“His integrity, honesty, and attention to detail has been exemplary,” said Mainfreight in a statement.

“He played an important role in the public listing of Mainfreight in 1996, a significant milestone in our company’s history.

“Each step of the way, Tim has adeptly handled diverse and complex accounting jurisdictions in different countries, and his expertise has been crucial in our expansion across 27 countries.”

Last year Mainfreight added another six branches to its network which now totals 337 worldwide.

“As Tim approaches his well-deserved retirement, we reflect on his tremendous contributions to Mainfreight,” the company said.

“We salute Tim and are very grateful for his role in our journey.”

Graeme Illing, Mainfreight’s New Zealand Financial Controller, will assume the role of CFO.

Mainfreight confirmed Illing, who started with Mainfreight in May 2000, has been transitioning to the role over these past few months.

Mainfreight this week released a statement for the last financial year reporting net capital expenditure totalled $254 million.

Expenditure for property accounted for $128 million, warehousing racking and fit-out costs of $59 million, and plant, equipment, and software of $67 million as the company announced that it would continue to invest in its network and the infrastructure associated with it.

“We expect capital expenditure through to the end of 2026 will total $509 million, of which $390 million relates to property, racking and fit-out costs,” the company said.

“As was well signalled, we embarked on this financial year well-aware of the challenges and the expected deterioration in international freight rates and domestic freight tonnage.”

When compared to the previous two years Mainfreight said the operating environment had been demanding

“We expected to do better,” the company said.

“Despite these challenges, the peak freight congestion of 2022/2023 has provided a period of significant growth, new customers, and improvements for our business.

“The results of 2024 surpass the results of 2021 by a significant quantum. Supply chain management has emerged as a critical strategic decision among our customers.

“They now seek greater resilience and are diversifying their supply chains. Our established network across 27 countries offers good capability across the varying supply chain requirements. We continue to attract new customers across our network and are confident of ongoing growth.”

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