ZESPRI CEO to Step Down in March

Thursday July 27, 2006

ZESPRI CEO to Step Down in March

The world's leading kiwifruit marketing company, ZESPRI Group Ltd, announced today that its Chief Executive Tim Goodacre is to step down in March 2007, after more than four years at the helm.

ZESPRI Chairman Craig Greenlees said Mr Goodacre had done a fantastic job, particularly in strengthening industry and company integration, the major directive the Board gave him when he was appointed in January 2003.

"Under Tim's leadership, ZESPRI has achieved record returns but, even more importantly, Tim has re-established the confidence of our grower/shareholders in the company and our integrated industry structure," Mr Greenlees said.

"Tim has now achieved commercial integration within the company, aligning the Board and Executive behind our new strategic objectives which are to be rolled out to staff and grower/shareholders shortly. We are now in an excellent position to move ahead and achieve greater and more-sustainable success in the international marketplace."

Mr Greenlees said Mr Goodacre, 52, had indicated to the Board that he was now seeking new challenges and the opportunity to pursue another senior corporate role before stepping out of the business arena. "The Board appreciates Tim's early notification of his intentions and his agreement to stay with the company until March 2007 to launch the new strategic objectives internally and ensure a successful transition," he said. ZESPRI will begin a global search for a new CEO immediately.

Mr Goodacre said ZESPRI was now ready to move to the next level of performance and that he was proud to have built the platform over the last few years to make that possible.

"The roll out of our corporate objectives over the next eight months will be an exciting time for ZESPRI but embedding them throughout the business will require at least a three-year commitment. I have other aspirations that I would like to pursue within that timeframe," he said.

"It is very important to me to thank the ZESPRI team worldwide for their commitment and hard work over the last few years. I have every confidence in our people's ability to deliver on our new strategic objectives and they now all have an opportunity to be part of a much bigger, stronger and even more successful company in the years ahead," Mr Goodacre said.

ENDS