In 2003 Mainfreight bought Owens Group, one of New Zealand's largest trucking firms. In that respect, NZ was the worst effected with weekly revenues during April 2020 down by about 40% on average levels. Theres no bullshit in the numbers, they are what the business has earned. I guess whats annoying is that we have got to wait for an election year to get this kind of stuff. The lawsuit claimed that Wim Bosman, the former owner, had prior knowledge of a large client, Giant Bicycles, intentions to end corporate ties with the group. Net capex totaled $155m for the period, of which land and buildings accounted for $111.7m, plant and equipment $26.6m and IT at $16.7m. You can be profitable and not collect the cash and go broke. And what do you believe leaders need to excel at? We were lucky enough to have a really incredible chat with Mainfreight CEO Don Braid about what he has learnt as the CEO of Mainfreight. Talking in terms of the industry, salary represented approximately 91% of total compensation out of all the companies we analyzed, while other remuneration made up 9.3% of the pie. Even Europe's ongoing economic turmoil fails to dampen Braid's optimism, despite the Kiwi logistics operator having spent more than $200 million buying a Netherlands-based freight firm earlier this year, giving it a European footprint for the first time in its more than three-decade history. BRAID, Don - NBR | The Authority since 1970 Possibly more important for its team of 8,000, the firm more than doubled its Christmas bonus for 2020, from $5.35m to $11m. Concerned about the content? So take a peek at this free list of interesting companies. Don Braid is Managing Director/CEO at Mainfreight Ltd. See Don Braid's compensation, career history, education, & memberships. Hi Tanya. "He implements things very well and you don't have to remind him about anything you're trying to achieve. Don Braid, Group Managing Director of Mainfreight Limited, was educated at Timaru Boys' High School and has over 43 years' experience in freight forwarding and logistics both New Zealand and internationally. His visits to our local and overseas operations guide our teams to be sales-focused and always aiming for operational excellence. Boasting a total shareholder return of 168% over three years, Mainfreight Limited has done well by shareholders. Weekly operational reports are posted on the wall of the company cafeteria in Otahuhu, where all team members, including Braid, eat at a single, long table. It has been listed on the New Zealand Exchange since 1996. Theres no cross subsidies. | He is fiercely proud of the Mainfreight culture seeing this as a key reason customers choose Mainfreight over the competition. For the latest updates on face to face courses and our safety planning see ourresponse to COVID-19 page. Fyfe joined Air New Zealand at the start of 2003 as chief information officer, before becoming group general manager airlines from October 2003 until his appointment as CEO in October 2005. Although Plested remains the largest shareholder with a 16% stake worth $395m, Braids more modest 2.79% stake is still worth about $70m supplemented by annual remuneration of $2.2m in 2017. While the group had deferred capital expenditure during early 2020, it had recommenced land and building projects during the year, with net capex totalling $118.6m, of which land and buildings accounted for $58.9m, plant and equipment $26m, fit out costs of $15.6m and information technology another $18m. Mainfreight's net profit rose by $40.1m to $188.1m. Contact. Founded by NBR Rich Lister Bruce Plested, Mainfreight has become a global juggernaut on Braids watch. Us taking away that clock was about responsibility and about taking away that control from head office. The Biosecurity Business Pledge group has launched two new biosecurity guides. Braid said that while Mainfreights people can be proud of the way they stood up to be counted, there would continue to be uncertainty with heavily congested supply chains continuing to affect the worlds freight lanes. And I suppose the key thing that we had in our mind was how are we going to run this business to survive and not make anybody redundant. Bryan has a wealth of experience, both in executive and board roles. The company is on track to go close to the $2 billion mark in its current financial year, Braid says, having already posted an almost $900 million revenue for the six months to September. So Don, my first question is whats been your main focus the past two months during Covid times and leading Mainfreight and global business? Don: The culture is really important and our culture starts with those closest to the customer. He has issued a New research confirms the importance that NZ business leaders place on reputation, but reveals that many companies need to increase their investment in building and protecting it. Don: Its been interesting! In 1994 Mainfreight purchased the business, and Don went on to hold various senior management roles at Mainfreight prior to his appointment as Managing Director in 2000. So a lot is about the long game. Leading into this, we had a number of market analysts suggesting our balance sheet was lazy and you know, undercooked. Well known for his mental and physical toughness, Braid is often seen working out at The Atrium Club in downtown Auckland, which offers real world fitness for men. His sartorial style was also recognised in 2006 when he was judged the national winner of the NBR Working Style Best Dressed Businessman Awards. Mainfreight's Don Braid rose above a solid field of finalists to be named New Zealand Herald Business Leader of Year. "We've been in China for 20 years. Don: With this event in front of us right now, I think cash is king, and the collection of cash. Other finalists were: Briscoe Group managing director Rod Duke, NZX chief executive Mark Weldon, ex-Fonterra chief executive Andrew Ferrier, Xero founder Rod Drury, LanzaTech chief executive Jennifer Holmgren, Ngai Tahu Holdings Corp chief executive Greg Campbell, TZ1 founding chief executive and former Microsoft New Zealand chief executive Helen Robinson, Farmers/Whitcoulls owners David and Anne Norman and Ryman Healthcare chief executive Simon Challies. When other international airlines are finding their wings clipped, this straight talking, and well regarded leader, has proved his point. How do you measure this? Mainfreight's $43.9m 'family' bonus | BusinessDesk Zac: Can you share what some of the great ideas youve actually brought from overseas have been? The Asian business saw profits more than double to US$7m, driven by increases in market share and rate increases from both air and see freight, the firm said. He has led the company in strengthening its global logistics business and ensuring an increased diversification of revenue streams across many countries, trade lanes and activities provides natural protection for earnings. Mainfreight Limited has seen its earnings per share (EPS) increase by 19% a year over the past three years. Agreement with print tech giant Canon saves college thousands. Its a huge level of success and theres satisfaction you get from that. After the full acquisition that took place August 2007, Mainfreight Asia quickly gained momentum in the Air and Ocean sector, driving business in China and Southeast Asia. Where should we open next? I could not get out of the car and go and meet a stranger to ask for the business and now I actually prefer to do that! Look after our people, look after our customers, guard our cash, and embrace the opportunities that may arise.. Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". The relationships we develop, both with suppliers and with customers, are there for the long term. Don Braid Mainfreights newest regions, Asia, Europe and The Americas (spanning from Canada to South America), are expected to grow exponentially as the world trade shifts towards other developing countries. Your email address will not be published. This article by Simply Wall St is general in nature. Its about the other employees seeing the numbers; dont forget, we share those profits with our people too so theres internal pressure to perform too. | We applaud that; weve always paid every supplier on the 20th of the month following and we ask the same of our customers. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. +64 27 403 0148+64 9 905 4804Jill.Steffert@iod.org.nz, The Auckland Branch acknowledges the generous support of. Everyone stands on their own two feet. [17], "Shareholding Information - Mainfreight Limited", "Mainfreight co-founder Neil Graham dies", "Road transport regulation a controversial measure to protect railways", "Mainfreight announces agreement to acquire Halford International", "Mainfreight breaks into Europe with $227m acquisition", "Mainfreight sues for $18m after shock client loss", "Mainfreight gets $14m payout - drops Euro claim", "The Wim Bosman Group becomes Mainfreight", "Mainfreight sells Pan Orient Project Logistics and its 75% shareholding in LEP (New Zealand and Australia) for over A$83 million", "Mainfreight Limited (Mainfreight) completes sale of Pan Orient Project Logistics", "Target Logistics, Inc. Agrees to be Acquired by Mainfreight Limited", https://en.wikipedia.org/w/index.php?title=Mainfreight&oldid=1136159997, Daily Freight (NZ), Carotrans (Worldwide), Owens (AU/NZ), ChemCouriers (AU/NZ) Mainfreight Europe (EU), This page was last edited on 29 January 2023, at 01:07. Braid said Mainfreight was on track to push close to the $2 billion sales mark by March next year. COVID-19 has had a significant impact on freight and supply chains worldwide. So we are developing our people to be the best they possibly can be. I suppose were grooming people all the time for those loaded leadership roles. Both are real legends and seem to really walk the talk. [2] In 1979, Bruce Plested partnered with Neil Graham, with Graham based in Christchurch and Plested in Auckland. So the weekly P&L puts them on the spot. Chosen from New Zealand's top companies, this year's Deloitte . Well in Europe they had these time clocks. As weve matured and grown around the rest of network, were now learning things that we can bring back to New Zealand. In November 2014, Mainfreight acquired a regional air and sea freight company located in Dunedin. As you get bigger, staff engagement and culture becomes more difficult. "I think we're a better business because of adverse economic conditions, there's no doubt about that," he says. Theres a video of it happening and what was really exciting was once the clock came off the wall, you could hear the laughter and the clapping and the voices of approval from those who were watching. And then it was a matter of communication and staying in touch, making sure everyone was okay, making sure any questions were answered. Don has led the Mainfreight team through a significant period of change and expansion to become the successful global supply chain logistics provider it is today, operating in 26 countries around the world, with $3+ billion in sales revenue, and he leads a team of 9,240 passionate Mainfreight people all around the world. 2023: A year of trepidation unless you take control, Talking to 2022 Westpac Supreme Business Winner, Juliette Hogan, How Fix & Fogg are winning the hearts of Americans. Brent is a senior reporter based in Queenstown. "There's no bureaucracy or hierarchy or superiority in the business. So you need to make sure youve got succession planning to be able to work on the dream that youre creating. How Does Don Braid's Compensation Compare With Similar Sized Companies? We're trying to break all that down.". The company is growing EPS and total shareholder returns have been pleasing. Those people become good leaders early in the piece they might be only leading a couple of people by the time they make branch manager status but they understand the roles of leadership within Mainfreight. Don: What we do is measure profit before tax at the branch level and that includes interest and depreciation. And if you surround yourself with really good people, the stress is actually spread across everybody and you dont wear it all on your own shoulders. Mainfreight is the fourth largest company in NZ, doing over $3 billion in sales and over $300 million in EBITDA, with physical assets of $1.5 billion and debt of less than $200 million. It doesnt matter what the worlds thrown at them, theyve shown they are capable of dealing with it. So it looks like Mainfreight compensates Don Braid in line with the median for the industry. Youve got to have good outlets. DCB had a staff base of five employees on the date of acquisition, however, staff was expected to rise to seven employees. Im sure that everyone on this video call will be wanting to shake hands and sit across the table and deal face to face because of the body language thing and being able to ask more questions, whereas the video is quite limiting. I'm pleased I didn't do anything else.". Youve got to break it down. Its Mainfreights style to offer career progression, giving people here a long-term career in the business, allowing them to find that space to develop the leadership traits. Mainfreight Half Year Financial Results 30 September 2021 - NZX He likes to surround himself with clever, energetic people who are equally as dedicated as him to meeting and exceeding the needs of Mainfreights customers. Zac: Don, if you owned your own SME business at the moment, what would you be focusing on going forward to be as successful as you could be under this environment? Early in the piece at Mainfreight, leaders are given responsibility, so the ability to take responsibility and to make decisions is pretty important. Our data indicates that Mainfreight Limited has a market capitalization of NZ$6.0b, and total annual CEO compensation was reported as NZ$3.0m for the year to March 2020. Though his father was a truck driver, Timaru-born Braid cant recall being influenced by this. Group managing director Don Braid said it was a significant result for the Mainfreight family, achieved during a tumultuous time in the worlds history and with success in every one of the five regions the company operated. A licence from New Zealand Railways Corporation was needed to carry freight over 150km. Mainfreight shareholders would be similarly pleased. Investors who take an interest in Mainfreight Limited ( NZSE:MFT) should definitely note that the Group MD & Director, Donald Braid, recently paid NZ$74.61 per share to buy NZ$500k worth of. Managing director Don Braid said the result was pleasing, particularly in light of supply chain congestion and ongoing lockdown disruptions in most of Mainfreight's markets. You know, people arrive when they arrive and they leave when they leave. Share Your Design Ideas, New JerseysMurphy Defends $10 Billion Rainy Day Fund as States Economy Slows, What Led to Europes Deadliest Train Crash in a Decade, This Week in Crypto: Ukraine War, Marathon Digital, FTX. In the leadup to the 2017 election, Braid said the country needed to be run by visionaries rather than a couple of accountants and he took aim at Nationals pledge to spend an extra $2.6b on Auckland transport. What more could I be doing in the business to actually grow my revenues in these difficult times? Mainfreight will pay a discretionary bonus of $43.9 million, up 61% from last year's bonus of $27.3m, after a record result to March which saw net profit up by $40.1m to $188.1m. Mainfreight managing director Don Braid. I feed off that and suppose the people in our business like seeing that and see it as an example and follow. With the takeover of the Owens Group in 2003 they purchased Owens International Australia. For us its about pushing the decision-making as close to the customer as possible, getting those people to make decisions rather than pushing them upstairs for someone else to make. | Forsyth Barr analyst Rob Mercer said the market had confidence in Mainfreight after it managed to grow revenue and market share and outperform its peers during the global financial crisis. "I don't think any of those things are really of interest to this," he says. The opportunities offshore and the populations that exist in some of those other countries are large; you only have to get something half right in some of those countries and youre growing a big business compared to what you have here in New Zealand. Rapper, chef and author Action Bronson takes us on a journey from his early days at culinary school, to releasing critically acclaimed albums, to writing books, starring in TV shows and building an iconic brand around his favorite interests. Insurers support an immediate managed retreat for recent flood victims. Zac: Whats a bit of business advice you can share? That means a lot of travel, but the reality is I thought my skills were best used in front of a customer so thats what I focused on. I learned that early in the piece and I think its stood me in good stead. Mainfreight was founded on 6 March 1978 by Bruce Plested who started the company with just $ 7,200 and a 1969 Bedford truck. He joined Daily Freightways in 1978, gaining a thorough grounding in all aspects of the business and eventually heading up that company. Its about making sure they dont lose the disciplines that make us who we are but embracing them as people delivering for our customers. Mainfreight will release its financial results for the full 2022 financial year on 26 May 2022. Educated at Timaru Boys High School, Braid has been described as possibly the most self-effacing leader of major listed company in New Zealand and is widely regarded as straight-talking and strong leader. Not bad for a Kiwi trucking company! You can follow him on Twitter, New tourism plan sidesteps immigration elephant, Mortgage arrears up as rates start to bite, Investors queue up ahead of Du Val liquidity events, Affordable housing levy sparks fear and loathing in Queenstown. Its revenue is up 5.9% over the last year. His father was a truck driver, but he says that didn't influence his career decisions. At the end of the day, the decisions they made will be seen in the weekly results. They couldnt believe we trusted them to turn up when we needed them to turn up and leave when we needed them to leave. Braid recalls with horror the memory of listening to a chief executive refer to her workers as "FTEs" - full-time equivalents - during a radio interview. Revenues were up $448.4m to $3.5 billion, a 14.5% increase on the prior year, with 76% of that now generated outside New Zealand. On the Money: Tim Boyd he's back; James Lee he's leaving, and more New drugs could end the worlds obesity epidemic, Big plus for NZ schools and govt agencies, Growing wealth through our cities growth, Insurers call on government to seize the day, Smoke, mirrors and delay Nationals three waters policy, Former CentrePort CEO Liz Ward joins KiwiRail board.
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