Silver Fern Farms back in black; CEO stands down
Silver Fern Farms says it expects its audited pre-tax earnings will be $5-7 million for the year ended September 30.
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Silver Fern Farms says it expects its audited pre-tax earnings to show a significant improvement at $5-7 million for the year ended September 30.
It is the first time since 2010/2011 that the co-operative has been in the black: last year it made a $28.6 million loss.
Silver Fern Farms represents more than 16,000 farmer-shareholders and is a processor and marketer of lamb, mutton, beef and venison.
In a media release this morning, it says during that year it has also paid down $100 million in debt as part of a plan to reduce the cost of debt servicing.
The resignation of chief executive Keith Cooper was also announced this morning.
“Keith has made a significant contribution to the business since joining the co-operative in 1989. In his eight years as chief executive he led the creation of the Silver Fern Farms brand coupled with the implementation of the value creation strategy,” chairman Rob Hewett said.
“The board thanks Keith for his committed service over 24 years and his expertise in leading the company through some significant challenges.”
Mr Cooper says after eight years in the role it was timely to step down with the company returning to profit and embarking on various new initiatives.
Silver Fern Farms has appointed Dean Hamilton, who joined as chief strategy officer in April 2014, as interim chief executive.
Jamie Ball
Tue, 28 Oct 2014
Tue, 28 Oct 2014
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Silver Fern Farms back in black; CEO stands down
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