A Future Fund team member who played a crucial role in founding OneFortyOne in 2012 has been named the new CEO of the trans-Tasman forestry investor.
Wendy Norris has overseen over $60 billion in direct investments spanning forests and timberlands, private equity, and infrastructure, such as airports and ports. She has also concentrated on ‘transformation and innovation,’ encompassing the entire $250 billion Future Fund portfolio.
OneFortyOne was established in 2012 after securing a 105-year lease on 80,000 hectares of plantation assets from the South Australian government.
In 2013, Linda Sewell became the first independent CEO.
The name OneFortyOne is derived from the 141st meridian east line that runs along the border between South Australia and Victoria. OFO is among the largest private employers in the Green Triangle, employing over 400 individuals directly and generating roughly 1000 jobs indirectly via its contractor workforce.
“Wendy is an outstanding choice, and she brings with her a deep understanding of OneFortyOne and the forest and timber processing sectors,” chair John Gilleland said.
OneFortyOne has committed significant resources to forest properties in Australia and New Zealand and timber production enterprises in Mount Gambier, South Australia, and Marlborough on New Zealand’s South Island.
As the Future Fund expanded, she concentrated on strategic development, readiness for external environmental factors, cultivating talent, and addressing the data and technology requirements of the organisation.
“Wendy has a proven record and extensive background ranging from water resources in her early career, to banking, investments and investment management,” Mr Gilleland said.
“Her experience in forestland and infrastructure investments places her in a unique position within our industry. Her experience with stakeholders, including shareholders, boards, government and finance across ours and many sectors is key for the evolving business environment we are in.”
He added: “Importantly, Wendy’s relationships will serve all stakeholders well in assuring OneFortyOne continues as a trusted partner.
“As Wendy steps in, the board recognises the outstanding work by interim CEO Peter Brydon on his leadership and working with the OneFortyOne lead team in moving the business forward.”