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AFFCO Announces New CEO

03 September, 2002.
AFFCO Announces New CEO

AFFCO Holdings Limited Chairman Sam Lewis has announced the appointment of Tony Egan as the company's Chief Executive Officer.

Mr Egan, who joined AFFCO in June, 2001 as Chief Operating Officer will take up his new position immediately.

Mr Lewis said the appointment of Mr Egan was a further step towards a sustained recovery for the company.

"In the past 18 months we have taken the old AFFCO apart, and today we have a new AFFCO, with a new management team, new financial structures and a stable shareholder base. It is timely that Tony should step up to the CEO role in an industry in which he has gained a broad experience in several roles."

Mr Egan (36), was formerly Managing Director - Marketing and Finance for Waikato-based beef processor Greenlea Premier Meats Limited. He was involved since the inception of the privately owned company in 1993.

Since joining AFFCO, Mr Egan has had responsibility for the key management functions of livestock, operations, human resources and sales and marketing.

"It has been a difficult period in the North Island meat industry, but AFFCO has taken the opportunity to re-evaluate its costs, structures and activities and I believe the company is now well positioned for growth and profitability," he said.

"AFFCO is a company with a long and proud history. We have a sound production infrastructure, great products and a tremendously skilled workforce on which our future success will be based."

Ends

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