Three directors on the board of Mighty River Power will keep their seats while they are expected to be a joined by a new face later in the year.
Joan Withers has been reappointed as chair for another three years, Keith Smith will stay on for three more years as well, and Tania Simpson has been re-appointed for an 18-month term.
Departing Vector director, James Miller, is expected to join the board in May.
Mighty River Power is one of four state-owned energy companies that the government plans to partially sell.
The others are Genesis, Meridian and Solid Energy.