Solid third quarter result for Fonterra
Fonterra has announced an improved third quarter performance – with a profit after tax of $1.15 billion, up $119 million on the same period last year.
However, Wyeth told Rural News there is nothing untoward in his sudden departure and that it is very amicable. He says it all came about over the holidays when he began thinking about the future and decided that this was the right time to make a move.
He says the last four years at WMP have been both challenging and rewarding and he was ready for a break.
"The challenge when I came into the CEO role was to turn the business around and bring pride and profitability to Westland. With the turnaround of the business largely complete, it is a natural time for me to step aside, and I wish Mr Li all the best in taking over the CEO role," he says.
It's understood that with Chinese companies, when a person decides to leave, they generally don't work out their notice and are quickly replaced - in this case by Zhiqiang Li, who became acting CEO of WMP from the end of January.
Li has praised the work of Wyeth saying Westland has enjoyed enormous success in important markets, such as the US with Westgold Butter.
He also noted WMP's investment in production facilities for high-value ingredients that has placed the company in a strong position to continue this trend.
Before joining WMP, Richard Wyeth was the first chief executive of Miraka - the Māori-owned dairy company near Taupo.
"I thought that the challenge of setting up Miraka would never be surpassed, but in fact bringin Westland into the position it is today has been equally challenging," he says.
Wyeth says he plans to take three months off and size up his options. He says he's still keen to take on another CEO role, ideally but not necessarily in the primary sector.
He says he'll do some travel, spend time at a house he and his wife own in the North Island and elevate future options.
But he says he can't ever see himself not working because he loves dealing with people and helping them to reach their potential.
"I was 35 years old when I became CEO of Miraka and I'm now 50, but I know that I have at least one more CEO role in me," he says.
