Two of New Zealand’s most closely tracked directors have swapped at the summit of The Boardroom Table.
Since June 2026, Alison Gerry and Mark Verbiest have held first and second, however this month they’ve traded spots. Verbiest, chair of Meridian Energy and Summerset, now tops The Boardroom Table. Gerry, chair of Infratil and director at Air New Zealand, sits just behind.
The reason for this swap comes from recent financial statements. On 26 August, Meridian posted a record FY26 result: EBITDAF of $1.05b up 72% from $611m, the first time breaking the $1 billion mark1. This was powered by catchment inflows running at 122% of the historical average and a full reversal of the drought that hammered the company the year before. Two days later, Air New Zealand’s FY26 results booked a loss before tax of $336m, down from a $164m profit the year prior2.
Air New Zealand swerved the worst as the loss beat the guidance range issued in May of $340m to $390m, and revenue rose 3.9% to $7b3. But an 11.8% jump in operating costs, led by fuel, maintenance, and aviation system charges, wiped out the gains and then some. Air New Zealand carries five directors on The Boardroom Table; this month’s result left none unscathed. Aside from Gerry dropping one place to sit at 2, Dean Bracewell drops to 24, Laurissa Cooney at 29, Neal Barclay at 31 and Claudia Batten at 66.
Meridian’s turnaround wasn’t an isolated story either. The same tailwind that lifted Verbiest’s chair company also ran through Mercury, whose FY26 results showed EBITDAF rose 36% from $786m to a record $1.07b this reporting year4, additionally without a single negative metric in the release. Because of this, four of Mercury’s five listed directors all climbed the table on the back of it, with one director being the largest mover this month.
Rachel Taulelei, a director of Mercury and The Warehouse Group, leapt an incredible 24 places this month, from 43rd to 19th. Taulelei was appointed a CNZM back in December for services to business, Māori and governance5. Her rise this month owes most of its weight to Mercury’s numbers, with an assist from The Warehouse Group whose share price has climbed 18% over the past month ahead of its own FY26 result at the end of September.
Four new names have joined The Boardroom Table this month: Lauren Quaintance, Sophie Haslem, Graham Stuart, and Simon Bennett, all starting in the bottom half of the ladder. Time will tell whether any of them can pull off a leap the size of Taulelei’s.
The Boardroom Table is a first-of-its-kind service that sets a new benchmark for good governance in New Zealand's publicly listed boardrooms. With data from over 200 sources, including financial metrics, media perception, and customer and employee sentiment, The Boardroom Table measures the relative impact a director has made to their company during their tenure.
Eligible directors must hold either two or more current public New Zealand company directorships, or at least one current and one recent past directorship within the last 12 months. More information can be found at datamine.com/theboardroomtable.
1 Meridian earnings surge 72% after drought-hit year | BusinessDesk
2 'Very challenging year': Air New Zealand posts $336 million loss
3 Announcement ⬩ Air New Zealand market update ⬩ NZX, New Zealand’s Exchange
4 Mercury Energy posts $1 billion in earnings on strong hydro generation | RNZ
5 New Year 2026 Honours: Rachel Taulelei made CNZM | BusinessDesk
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