Ex-Fonterra Suppliers Face Stricter Share Sell-Down Requirements
Dairy farmers, still holding onto their Fonterra shares despite switching milk supply elsewhere or exiting the industry, now face a stricter share sell-down requirement.
The succession is being planned with a view to having the new chief executive in place by the beginning of 2018.
The current chief executive Lain Jager, who was appointed Zespri chief executive in December 2008, will remain in the role until the new chief executive starts.
Zespri chairman Peter McBride says the board is balancing continuity and renewal in the leadership of the organisation.
“The Zespri Board has set out a process for succession at an optimal time. The timeframe helps to ensure continuity through this transition, which is important given Zespri’s critical role in the value chain for kiwifruit growers and customers globally,” says McBride.
“At the same time, Zespri now has an experienced and stable management team in place and the board will consider both potential internal and external candidates for the position.”
During Jager’s tenure as chief executive, the industry has recovered well from Psa, Zespri has delivered success with the commercialisation of SunGold and has expanded sales in both new and mature markets around the world.
“The transition comes at a time of strong growth and significant opportunity for the industry,” says McBride.
LJager has served as chief executive of Zespri for nearly a decade and Mr McBride notes his enormous contribution to the New Zealand kiwifruit industry.
“Lain’s record speaks for itself. He has helped the business manage the opportunities and challenges which come with growth,” says McBride.
“Global sales have nearly doubled during his tenure, and value created for growers and shareholders has increased strongly.
“Furthermore, Lain has provided strategic direction and overseen the development of Zespri’s organisational culture. Under Lain’s leadership, Zespri has strengthened our systems, policies and processes which together support the company’s globalisation and build one company with one culture. This sets Zespri up well for capturing the strong growth opportunities ahead.”
Jager says working as part of the industry leadership team and with Zespri employees and partners around the world is a huge privilege.
“I am looking forward to supporting the succession process and helping the board of directors in providing leadership continuity through this period. I also am excited about the 2017 season and look forward to my final year working with growers and Zespri partners globally.”
