Top dairy CEO quits
Arguably one of the country's top dairy company's chief executives, Richard Wyeth has abruptly quit Chinese owned Westland Milk Products (WMP)
Morrison has been a Westland shareholder since the creation of the cooperative as an independent dairy company in 2001, supplying milk from farm properties in Canterbury and the West Coast. He was first elected to the board by shareholders in 2015. His election as chairman follows the resignation of Matt O’Regan (announced in November 2016) after serving seven years in the role.
In addition to his years as a supplier to Westland, Morrison brings extensive and varied commercial experience to the role. He has owned and operated a number of companies, mainly in agriculture but also including gold mining, manufacturing, forestry, aviation and a mechanical workshop; and director (and major shareholder) for computer company EStar Online, which facilitates online sales for such companies as Briscoes and Country Road.
Morrison acknowledged that Westland had performed poorly in the previous financial year and that its payout was, then, below the break-even line for shareholders and less than competitive compared with those of other New Zealand companies.
However he noted the payout was on the way back up again and, while it would take more than one season to get back to a more competitive position, he was confident in the cooperative’s future.
“We have a very strong and capable new chief executive in Toni Brendish,” he says.
“And she is backed by a very able team. The right people are there with the skills and dedication to get the job done and the Board is now putting the right governance structures in place to ensure we have a company with an exciting future. Westland will provide Shareholders with a competitive and sustainable payout.”
Morrison acknowledged that while Westland was going through a period of change it was having to make some tough calls to ensure its structure and systems were right for growing the company’s future. He said the full benefits of this work will not going to be fully realised this season.
“It will be the 2017-18 season before we have got our payout back to where shareholders need it to be,” he says.
“But Shareholders will be rewarded for their patience and ongoing support. I know that they are with us on this and willing to give this Board, our managers and their teams the time we need to turn things around and build a very positive and sustainable future.”
