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)
Westland Milk Products is preparing to conduct a review of staff roles, a move that will likely to result in redundancies according to chief executive Rod Quin.
The review is part of an overall programme to gain efficiencies and reduce costs to help preserve the best possible return to shareholders during the current global dairy price downturn.
Quin says, he is not going to speculate on how many, or what positions might be affected, until the review is complete, affected staff are consulted, and given an opportunity to provide feedback on any proposed roles under review. The review will occur over two rounds, with the first round scheduled to start this month (September 2015) and the second in February 2016.
Quin says that Westland is also continuing its programme of efficiency gains and a cost saving drive. Some $15 million was trimmed off the company’s budget in the last financial year, but Quin says there will be no let up and that the ‘microscope’ would be on all costs, as Westland responds to the volatile international dairy market.
“The international marketplace for dairy is in a new world era,” Quin says, “with the removal of the European Union milk quotas and softer demand from key markets. The resulting reduction in prices is flowing directly into lower shareholder payouts, which are, and are forecast to be, below the cost of owning and operating a dairy farm in New Zealand.
“A reduction in costs is required to realign our cost structure with the new reality of lower international prices and what is now a much more competitive New Zealand dairy industry.”
Commercial fruit and vegetable growers are being encouraged to cast their votes in the Horticulture New Zealand (HortNZ) board directors' election.
A unique discovery by a Palmerston North science company, Biolumic, looks set to revolutionise the value and potential of ryegrass and the secret is the application of ultraviolet (UV) light.
A New Zealand company is redefining the global collagen game by turning New Zealand sheepskin into a world-class health product.
With further extreme weather on the way, ANZ Bank is encouraging farmers and business owners impacted by the recent extreme weather and flooding to seek support if they need it.
New Zealand must continue to educate Chinese consumers about the unique qualities of its red meat products and how they differ from competitors, says Silver Fern Farms chief executive Dan Boulton.
There are opportunities outside the farmgate for young farmers to further develop their skills, says 2025 Primary Industries Emerging Leader Award winner Bridie Virbickas.
OPINION: It's official, Fieldays 2025 clocked 110,000 visitors over the four days.
OPINION: The Federated Farmers rural advocacy hub at Fieldays has been touted as a great success.