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.
Kinser replaces Jay Waldvogel, who was appointed to the LIC board as one of three independent directors in 2003 and did not seek reappointment in 2015.
LIC shareholders ratified Kinser's appointment at the farmer-owner cooperative's annual meeting in Ashburton on Tuesday.
Speaking at the meeting, chairman Murray King says the board and shareholder council unanimously recommended Kinser's appointment for a minimum three-year term.
"Candace has outstanding technology and biotechnology expertise and very broad information technology knowledge and networks.
"Candace is aligned to the direction and aspiration of the LIC business, and brings many specific capabilities we have identified LIC will require to help deliver on our strategy."
In previous roles as the chief executive of industry body NZTech and NZ genetics software company Biomatters, Kinser has had a working relationship with LIC over the past 15 years - on the development and deployment of MINDA and in adapting genetics software to meet research requirements for LIC.
King also acknowledged Waldvogel's contribution since his appointment in 2003.
"I want to express our sincere thanks to Jay for his wisdom, strategic insights and deep international dairy knowledge. Residing in Chippewa Falls Wisconsin coupled with his demanding travel schedule has not impeded his ability to be a significant and valuable contributor to the LIC Board.
"We are grateful for his passion for the industry, cooperatives and dairy genetics."
The LIC board is made up of seven farmer-elected directors, and three independent directors. Other resolutions passed at the annual meeting include the reappointment of external auditor KMPG, and the approval of the director's remuneration and shareholder council's budget.
Kinser will hold office for a three-year term, retiring by rotation in 2018.
