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

 

Pest Control: Mouse Blitz Team Leaves For Antipodes

The Million Dollar Mouse project to rid Antipodes Island of mice is underway with the departure of a rodent eradication team to the remote nature reserve and World Heritage Area. More>>

Gongs Got: Canon Media Awards & NZ Radio Awards Happen

Radio NZ: RNZ website The Wireless, which is co-funded by NZ On Air, was named best website, while Toby Manhire and Toby Morris won the best opinion general writing section for their weekly column on rnz.co.nz and Tess McClure won the best junior feature writer section. More>>

ALSO:

Pre-Budget: Debt Focus Risks Losing Opportunity To Stoke Economy

The Treasury is likely to upgrade its forecasts for economic growth in Budget 2016 next week but Finance Minister Bill English has already signalled that more of his focus is on debt repayment than on fiscal stimulus or tax cuts... More>>

ALSO:

Fulton Hogan's Heroes: Managing Director Nick Miller Resigns

Fulton Hogan managing director Nick Miller will leave the privately owned construction company after seven years in charge. The Dunedin-based company has kicked off a search for a replacement, and Miller will stay on at the helm until March next year, or until a successor has been appointed and a transition period completed. More>>

ALSO:

Gordon Campbell: On Electricity, Executions, And Bob Dylan

The Electricity Authority has unveiled the final version of its pricing plan for electricity transmission. This will change the way transmission prices (which comprise about 10% of the average power bill) are computed, and will add hundreds of dollars a year to power bills for many ordinary consumers. More>>

ALSO:

Half Empty: Fonterra NZ, Australia Milk Collection Drops In Season

Fonterra Cooperative Group says milk collection is down in New Zealand and Australia, its two largest markets, in the first 11 months of the season during a period of weak dairy prices. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news