Alliance seeking outside capital
Reeling from two consecutive years of heavy losses, Alliance says it has appointed Craigs Investment Partners to explore external capital-raising options.
Wynne replaces Murray Taggart, who has been chair for the last 10 years and retires from the board next month. He resumes the chair role on April 12.
Alliance Group, New Zealand’s only 100% farmer-owned red meat co-operative, says board members unanimously voted to appoint Wynne as new chair.
“Murray Taggart has been clear this term is to be his last as a director,” says Wynne.
“The board wishes to thank Murray for his long service to the co-operative and the significant contribution he has made to ensuring that Alliance remains a strong farmer-owned co-operative. We wish him well for the future.
“Like all meat exporters, Alliance continues to face significant volatility because of geo-political tensions, inflationary pressures, high levels of inventory across all proteins in various markets, particularly lower-cost Australian sheepmeat, and weakening global markets.
“The board remains committed to the co-operative’s long-term strategy, and in particular, the changes made across the business in response to the tough trading environment. These changes have highlighted significant opportunities for improvement.
“The global markets continue to be challenging, however, the new season has started on a much more positive note. But there is more work to do.”
Taggart has had a long involvement in Alliance Group as a shareholder director and chairman.
“It’s been no secret that this was going to be my last term as Alliance chair,” says Taggart.
“The board has been working on a succession plan for a new chair and with new chief executive Willie Wiese in place, now is the appropriate time to pass the baton on.
“It’s been a privilege to lead New Zealand’s only 100% farmer-owned red meat co-operative. There is a great team at Alliance, and despite the current challenges, the co-operative has a strong future.
“The past year has been tough for farmers and the co-operative on the back of significant weakening of prices in our global markets and high costs behind the farm-gate. It’s now more important than ever that farmers back New Zealand’s only 100% farmer-owned red meat co-operative.
“I am confident the co-operative’s resilience and its ability to adapt in the face of adversity will ensure it will thrive for another 75 years.”
Wynne has extensive experience in agribusiness, including 20 years in the dairy industry. He stepped down Ballance chief executive in September 2023.
Replacing Taggart on the board is Sarah Brown, who becomes a board-appointed farmer director and will no longer be an appointed independent director.
