Where should we open next? He delivers on Mainfreights bold and expansive strategy while still bringing home the bacon for his shareholders. Brent is a senior reporter based in Queenstown. 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. Dogged determination, drive and eternal optimism - they're all qualities Don Braid exudes. Boasting a total shareholder return of 168% over three years, Mainfreight Limited has done well by shareholders. A licence from New Zealand Railways Corporation was needed to carry freight over 150km. The branch managers are the kings and queens, by the way, because thats where the moneys made the national team is just there to support the branch managers. Will His AI Plans Be Any Different? 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. Zac: What is the Mainfreight way when it comes to culture? For further information, please contact Don Braid, Group Managing Director, telephone +64 9 259 5503, +64 274 961 637 or email [email protected]. Experts say community investment is the future. Subscribe to protect quality NZ journalism. We will probably go back to normal but be ready to adapt, be flexible and look after your people theyll bring the answers to the table for you on what your business will look like in the future. [3] [4] When the company was founded it entered a highly regulated transport market. So I think cashflow is king and Id be focused on that. I learned that early in the piece and I think its stood me in good stead. To join your company account for BusinessDesk and enjoy full access, If theyre not on their game, you can see that really quickly so you either get alongside them and help them or if it goes on for too long you realise weve got the wrong person in the wrong role and weve got to change them. 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. 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. Zac: Don, your 100-year vision how does that work? Mainfreight shareholders would be similarly pleased. By using this website you consent to the use of cookies in accordance with our privacy policy. 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. Its great fun. We tackle critical leadership, management and economic issues as well as profiling successful local and global leaders. I'm pleased I didn't do anything else.". While many companies have been battening down the hatches this year, Mainfreight has been on the acquisition trail - purchasing a Netherlands-based freight business which operates in Belgium, France, Romania and Poland and Russia. Some of the leading players in the listed retirement sector have been raising capital. I just have a belief and determination that weve got a pretty good business here. Target has offices in 35 cities throughout the United States and an international network of agents in over 70 countries.[15]. Those are the real world indicators of whether youve got morale correct or not or whether youve got some issues going on you need to address. Managing director Don Braid said Covid-19 fully tested Mainfreight's resilience, but it also necessitated some fundamental commitments. Mainfreight also renamed Wim Bosman branches in the countries France, Poland, Russia and Ukraine under the Mainfreight name.[12]. 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. Zac: Mainfreight is obviously a massive employer with almost 9000 staff across the world. I believe that I shouldnt ask my colleagues/work mates/ team to do any task I would not do myself or know how to do. When other international airlines are finding their wings clipped, this straight talking, and well regarded leader, has proved his point. I suppose were grooming people all the time for those loaded leadership roles. So you need to make sure youve got succession planning to be able to work on the dream that youre creating. So a lot is about the long game. "You can imagine what they need to eat, drink and use," says Braid in the boardroom of Mainfreight's building in Otahuhu. Our thoughts are with our members and their organisations impacted by Cyclone Gabrielle. Rising inflation and labour shortages have added to the Covid-19 melting pot, crippling global supply chains and trade growth. Don Braid has been with freight and logistics company Mainfreight since 1994, after joining the firm as part of the acquisition of Daily Freightways (where he had been for 16 years). So long term, we have a really experienced leadership team. His father was a truck driver, but he says that didn't influence his career decisions. So take a peek at this free list of interesting companies. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. So it doesnt matter whether youre loading freight, taking customer service calls, out making sales calls, or an operations transport manager, you understand those disciplines early on in the piece. They have over 8500 staff in 280+ locations across 28 countries, so it was pretty cool (and humbling) for us to be able to chat to Don with some of our Business Changing clients recently. 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. [10] In August 2013, Mainfreight and the family of Wim Bosman reached an out of court agreement for compensation to the tune of 8.2 million or $14 million. Zac: How do you prioritise where to spend your time in a normal week? Thanks for your comments about Don Braid and Mainfreight. So what you produce in terms of profitability is real. In this episode, Bronson explains how the lessons he learned in the kitchen translated to the booth, the reason money can never be the motivation for creating art, and why he believes that imperfections are the best part of any masterpiece. If were going to build facilities for our people, we build very good facilities to be around for a long time. The company also noted Brexit issues between the UK and Europe remained a cause of frustration, particularly since January, resulting in considerable delays to freight on the back of more complicated customs formalities. And thats that. By becoming a supporter, you'll be helping us expand our independent journalism for the business community. Subscribe, 0.1 The Four Pillars of Governance Best Practice, 0.3 Corporate governance landscape in New Zealand, The second pillar - An effective governance culture, 2.3 Board architecture a charter for the board, 2.4 Board composition and succession planning, 2.5 Key competencies for non-executive directors, 3.6 Technology and information governance, 3.11 Employees holding external directorships, 4.4 Director shareholdings and insider trading, 4.16 The company secretary or corporate officer, Breakfast with Don Braid, Managing Director of Mainfreight Ltd. I give them the ability and the responsibility to deliver, and I give them great support and lots of guidance. Out of that, I think weve got the culture really starting to develop. And analysts have been warned that they "won't get a second interview" if they make that mistake of calling Mainfreight a "trucking company". When it comes to capable, motivational and effective leadership Sam Knowles delivers with interest. I think with a driverless truck, well lose that ability of interaction with the customer on pickup or on delivery. Don has over 40 years' experience in the freight industry, including 26 with Mainfreight. Like most Kiwi business leaders, Braid is self-effacing and doesn't fancy talking to journalists about his life outside the company. Richard Prebble is by profession a lawyer. [4] In 1998, Mainfreight acquired Australian freight forwarder ISS Express lines, subsequently establishing an Australian international freight business. [2] In 1979, Bruce Plested partnered with Neil Graham, with Graham based in Christchurch and Plested in Auckland. This endeavor launched the first permanent investment into South America. Its having empathy and I think Im patient, determined, have belief and energy. In 2003 Mainfreight bought Owens Group, one of New Zealand's largest trucking firms. This Supreme Court Case Could Redefine Crime, YellowstoneBackers Wanted to Cash OutThen the Streaming Bubble Burst, How Countries Leading on Early Years of Child Care Get It Right, Female Execs Are Exhausted, Frustrated and Heading for the Exits, No Major Offer Expected on Childcare in UK Budget, Biden Gives Medal of Honor to Trailblazing Special Forces Member, Climate Change Is Launching a MutantSeed Space Race, UK Braces for Rare Weather Event That Risks Late-Winter Freeze, What Do You Want to See in a Covid Memorial? I think the only measure of whether weve got the culture right will be seen in the numbers and in the customer service. With Don Braid at the wheel, Mainfreight is in safe and skilful hands. Boards have a key role to play in the wake of any crisis. Im always exploring those opportunities and may be experimenting in particular regions or with particular customers before implementing that across the rest of the business. As an example, we know what money weve made or lost last week in every single one of those 282 branches as of about half an hour ago. How Does Don Braid's Compensation Compare With Similar Sized Companies? "If you allow the recession to roll over the top of you there's a great chance it will.". The firms European business where it has a footprint of more than 330,000 sqm of warehousing saw a 23.4% improvement in profit before tax to 22.35m, despite extensive lockdowns across the continent, many of which were ongoing. Early in my career I understood that I enjoyed the interaction with customers and in fact I enjoy the challenge of helping win new customers. In the 12 months to March 31, Mainfreight - which has been one of the top performing stocks on the NZX this year - posted record sales of $1.34 billion. Likewise, his strongly-held beliefs relating to the importance of education and of recycling/ sustainability, continue to positively shape the Companys behaviours. Regionally, the NZ business saw an increase of 11.5% in profit before tax to $97.8m, though supply chain capacity into and from NZ remains congested, and the company is frustrated with international shipping lines". 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. This information will be used to measure the effectiveness of our advertising from various channels and to offer you personalised ads. After leaving Timaru Boys' High School Braid joined the New Zealand Shipping Corporation as a clerk in 1976. Don: The culture is really important and our culture starts with those closest to the customer. Don Braid. The company posted record earnings and revenue for its last full year and has continued to break records this financial year. Not bad for a Kiwi trucking company! And then it was a matter of communication and staying in touch, making sure everyone was okay, making sure any questions were answered. Alternatively, email [email protected]. We offer lots of training as well, internally and externally. And thats why we travel a lot when you visit, you can smell the morale in an instant. The relationships we develop, both with suppliers and with customers, are there for the long term. Another attribute is straight talking. What we put in place here in New Zealand became the blueprint for the organization around the world. [13] The transaction was completed on 6 June 2007. Will be fundamentally different from the last one. Don has over 40 years' experience in the freight industry, including 26 with Mainfreight. In the decade Braid has spent at its helm, the company has become a global logistics player with operations on every populated continent apart from Africa. So the idea was to make sure that our people were right, that our systems were ok, what customers could trade, and how we could help those customers as an essential service. Everyone stands on their own two feet. Leading reputation management consultant Noke Kiroyan says it is perfectly possible although not always easy to run a business in Indonesia without resorting to corrupt behaviour. Zac: Mainfreight was started back in the late seventies by Bruce Plested, who is the chairman now. Whats interesting when you go into a pandemic or an event like this is what the balance sheet looks like. 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. Were thinking about being around for a hundred years. Founded by NBR Rich Lister Bruce Plested, Mainfreight has become a global juggernaut on Braids watch. Zac: Aside from being in front of customers, what else do you spend your weeks focusing on as the global CEO of Mainfreight? He knows where the company is going and, more importantly, how it will get there. JUDGES COMMENTS Mainfreight's straight-talking group managing director has an infectious zest for business. In light of current trends, we will provide a nine-month trading update mid-February 2022. Chief executive, Air New Zealand Theyll have the Mainfreight culture, but itll have a little twist for example, the culture in Shanghai is different to the culture in Newark or the Netherlands or Sydney. 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. He is an outstandingly consistent and capable chief executive. 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. Getting decisions made as close to the customer as possible is probably our secret and giving that responsibility to those in the branches. Formerly Halford Young, Halford is a private logistics company and freight forwarder with operations and networks in Australia and New Zealand, Japan, Germany, throughout Asia and the United States.[6]. In 2008, the United States locations were re-branded as Mainfreight USA. An unabashed promoter of New Zealand success, he has an extensive background in the banking industry in New Zealand and Australia, with senior management experience in marketing, strategic planning, retail services and business development. What havent we got right? 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. Don has over 40 years experience in the freight industry, including 26 with Mainfreight. Investment has to come year on year it cant just come as a bribe at election time., Embracing the company motto that Good enough is never enough, Braid is focused on fulfilling a vision to make Mainfreight a 100-year company. Mainfreight has international operations in the United States through CaroTrans International and most recently Mainfreight International businesses after the 2007 acquisition of Target Logistics, in Asia (nine branches in China, one each in Taiwan, Singapore and Hong Kong). So each person can earn some more money by not just making profit, but keeping customers happy, keeping claims to a lower amount, making sure were collecting cash, making sure that were delivering freight in full and on time but the base bonus, everybody gets the same amount no matter whether youve been there for one year or for 40 years and no matter what your position is. Zac: As the leader of Mainfreight, what do you personally focus on to get the team going in the right direction? Theres no cross subsidies. Other Current Directorships: Information and Communication Services Limited (Chairman), Seronic (NZ) Limited, and his family companies. 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. Don: The recruitment of our people sits with the branch managers. [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. He is highly respected and success-driven executive who has made Kiwibank fly when many thought it would struggle to get off the ground. Don: I think its quite a long way off. Appointment to Board 2000 - With Mainfreight since 1994. You know, people arrive when they arrive and they leave when they leave. Don: Im not sure its stress. 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. 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. As Chairman and Founder, Bruce shares his vision for the Company with the Mainfreight team, bringing a particular focus to quality and our culture. Its an intimate touch with the P&L; the weeklies tell us lot. Mainfreight managing director Don Braid, left, and founder and chairman Bruce Plested who says businesses should share profits with workers. Don: We do weekly reporting on a Monday so you always understand how well youve gone across the business and across the network. Don: What we do is measure profit before tax at the branch level and that includes interest and depreciation. In March 2011, Mainfreight entered the European market with the acquisition of Netherlands-based company Wim Bosman Group for 120 million; or $227 million. Contact. In November 2014, Mainfreight acquired a regional air and sea freight company located in Dunedin. Who wouldnt want exposure to the retirement sector? It is our strong belief that the momentum we have will continue, and will develop at a faster pace than we have experienced in the past, thanks to our people, our network and our culture. Where do we need to be? Don Braid's Phone Number and Email Last Update. Mainfreight International was Mainfreight's first international sea and airfreight business and was started in 1984 by Bruce Plested's brother Gerald. Watson said she did not believe bonuses were a way. Target operate domestic and international time-sensitive freight-forwarding and logistics services through its wholly owned subsidiary, Target Logistic Services. Wed prefer to shake hands and know that our integrity and the way that we do business works with our partners long term. So the weekly P&L puts them on the spot. We note that the salary portion, which stands at NZ$2.20m constitutes the majority of total compensation received by the CEO. It's nice to see revenue heading northwards, as this is consistent with healthy business conditions. Don from Mainfreight talks to Fisher Funds. 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.
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