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.
Arguably one of the country's top dairy company's chief executives, Richard Wyeth has abruptly quit Chinese owned Westland Milk Products (WMP)
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.
Kiwis love their butter, and that's great because New Zealand produces some of the best butter in the world. But when the price of butter goes up, it's tough for some, particularly when many other grocery staples have also gone up and the heat goes on co-operative Fonterra, the country's main butter maker. Here the co-op explains why butter prices are so high right now.
DairyNZ chair Tracy Brown has waded into the debate around soaring butter prices, pointing out that the demand for dairy overseas dictates the price to farmers and at the supermarket.
Farmers are welcoming new Government proposals to make farm health and safety rules more practical and grounded in real-world farming.
Missing fresh mozzarella cheese made at home in Bari, southern Italy, Massimo Lubisco and his wife Marina decided to bring a taste of home to New Zealand.
An A$2 billion bid for Fonterra's Oceania business would be great news, according to Forsyth Barr senior analyst, equities, Matt Montgomerie.
Irish meat processor Dawn Meats is set to acquire a 70% stake in Alliance Group, according to a report in The Irish Times.
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