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Appointment Of Global Dairy Company CEO

The dairy industry merger will not be jeopardised by the appointment of a Chief Executive, John Roadley, Chairman of Global Dairy Company, said this morning.

Mr Roadley was responding to a story in today’s Dominion.

“The appointment of a Chief Executive is part of a series of key milestones that we have had to wrestle with and resolve,” he said.

“We have resolved an extraordinary range of issues, from the extremely difficult issue of the capital structure through to the terms and conditions of milk supply for the new company.

“In four short months, we have met every deadline and resolved every issue.

“The issues we are confronting with this appointment are wide-ranging and are not unique to this merger in a rapidly globalising international marketplace. You have to weigh up whether you recruit from your industry or from outside, and the different skill sets that either might bring to a global company.

“You have to weigh up the views of your shareholders today and where the industry might be in five years time. Anyone who has been involved in a merger on this scale will tell you it is tough.

“The appointment of a CEO will not get in the way of the merger taking place but it may take longer than we planned to resolve.

“That is a setback to the timetable but it is not a setback to the merger.

“We have come too far and are too close to completing the merger for any one issue to be allowed to stand in the way of New Zealand’s most important commercial deal.

“Our farmers will decide whether this merger will go ahead and they will be having their say in a few weeks time. We have yet to settle on a voting date but it has always been our intention that our shareholders have all the information they need before they vote. That remains our intention.”

END


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