Green light for acquisition
The merger of two of the country’s largest animal nutrition companies won’t lessen competition, the Commerce Commission has ruled.
Reidie had at been at the helm of the rural co-operative for five years.
“During his five years as CEO of Farmlands, Peter has led the business through very significant change,” chair Rob Hewett said.
“Peter’s task when he came on board as chief executive was to complete the merger of two very different rural services co-operatives, not just into one ‘Farmlands’ culture but into a business that could effectively leverage its scale as a rural supplies and advisory company with a true national footprint.”
Hewett added that during his time at the rural co-op, Reidie had initiated major change in the company.
“He exited three non-core businesses in real estate, finance and livestock. He led Farmlands’ massive three-year business transformation programme, designed to consolidate all the co-op’s legacy IT systems into one,” Hewett said.
“Under his leadership we have also been kept profitable in what has probably been our most challenging year. He leaves Farmlands in a good place, poised to be an increasingly powerful contributor to the success of the New Zealand primary sector.”
Hewett says the Farmlands board will work through a replacement for Reidie early in 2021.
