LIC ends year with $30.6m profit
Herd improvement company LIC has ended the 2024-25 financial year in a strong position - debt-free and almost quadrupling its net profit.
It has made an acting appointment: chief financial officer David Hazlehurst takes over as chief executive on December 1.
Chairman Murray King says the board has made good progress with the recruitment.
"We have been impressed by a number of high calibre applicants, however Covid-19 restrictions have impeded our ability to complete this process, so as an interim measure we are appointing David Hazlehurst in an acting capacity."
Hazlehurst joined LIC in 2019. Prior to that he was chief financial officer for Zespri and before that held various senior finance management roles with NZ Steel, Lion Nathan, Oxygen Business Solutions and Fonterra (in NZ and Germany).
King says appointing a chief executive is one of the most important jobs of a board.
"So, we will take the time to get it right. We know the co-op will be in good hands with David in the meantime."
Current chief executive Wayne McNee steps down on November 30 after nearly nine years in the role.
King says the board is grateful that Hazlehurst has agreed to assist when McNee ends his tenure.
"We wish Wayne all the very best with his future endeavours. The last eight years with Wayne have been a big eight years for LIC. He has led the business through a period of significant growth and transformation, and he leaves the co-op in good shape."
