Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Sealord appoints ex-McCain Food's exec Yung as new CEO

Sealord appoints ex-McCain Food's exec Yung as new CEO

By Suze Metherell

July 24 (BusinessDesk) - Sealord Group has appointed former McCain Foods boss Steve Yung as its new chief executive, replacing Graham Stuart who is leaving after seven years in charge of New Zealand's second-largest fishing company.

Canadian-born Yung takes over from Stuart at the Nelson-based fishing next month, having with 30 years' experience in the food industry, most recently as managing director of McCain Foods Australia/New Zealand, Sealord in a statement. Yung will be based in Auckland.

Sealord chairman Matanuku Mahuika said Yung's skills will be used to further grow the business, particularly in the Australian market.

"He joins the business towards the end of what we expect to be a solid financial year in which Sealord returned to profit after the challenges of last year and is looking at opportunities to further improve its existing operations," Mahuika said.

Last year the fishing company, which is jointly owned by Maori iwi interests through Aotearoa Fisheries and Japan’s Nippon Suisan Kaisha, sank into the red as it crystallised a loss of $46.9 million on the 2012 sale of its Argentinian Yuken business for an undisclosed sum.

Sealord made a net loss of $44.3 million in the year ended Sept. 30, 2013, compared to a profit of $3.5 million a year earlier, as wrote off $37.1 million from its Argentina unit's sale, and incurred a further $9.9 million in operating losses, according to holding company Kura’s financial statements, lodged with the Companies Office.

The company is also selling its 50 percent stake in North Island Mussels, which it co-owns with NZX-listed Sanford. The two fishing groups increased their holdings in 2012, after the mussel business was placed in receivership when the owner of its one-third shareholder, Greenshell Investments, failed to pay $1.2 million in processing fees and associated debt.

Sanford has since bought further Greenshell NZ Ltd and Greenshell Investments assets from the receivers, with chief executive Volker Kuntzsch calling the assets “a strategic fit for Sanford’s aquaculture business as they allow for improved supplies from a wider geography".

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Trade Plans: Prime Minister's Speech To International Business Forum

"The work to improve public services, build infrastructure, and solve social problems is possible only because we have enjoyed sustained, solid economic growth. A big reason for that is the Government’s consistent agenda of economic reform, and our determination to open up more opportunities for trade with the world." More>>

ALSO:

Media: TVNZ Flags Job Cuts To Arrest Profit Decline

Chief executive Kevin Kenrick said the changes were aimed at creating "a sustainable future video content business for TVNZ in an ever-changing media market." More>>

ALSO:

Reserve Bank: Wheeler Keeps OCR At 1.75%

Reserve Bank governor Graeme Wheeler kept the official cash rate unchanged at 1.75 percent, as expected, and reiterated his view that the benchmark rate doesn't need shifting for the foreseeable future. More>>

ALSO:

f work for Pumpkin Patch staff

Retail: Pumpkin Patch Brand, IP Sold To Catch Group

The receivers of failed children's clothing retailer Pumpkin Patch have confirmed that the company's brand and intellectual property have been sold to Australian online retailer Catch Group. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news