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".


© Scoop Media

Business Headlines | Sci-Tech Headlines


DIY: Kiwi Ingenuity And Masking Tape Saves Chick

Kiwi ingenuity and masking tape has saved a Kiwi chick after its egg was badly damaged endangering the chick's life. The egg was delivered to Kiwi Encounter at Rainbow Springs in Rotorua 14 days ago by a DOC worker with a large hole in its shell and against all odds has just successfully hatched. More>>


Trade: Key To Lead Mission To India; ASEAN FTA Review Announced

Prime Minister John Key will lead a trade delegation to India next week, saying the pursuit of a free trade agreement with the protectionist giant is "the primary reason we're going" but playing down the likelihood of early progress. More>>



MYOB: Digital Signatures Go Live

From today, Inland Revenue will begin accepting “digital signatures”, saving businesses and their accountants a huge amount of administration time and further reducing the need for pen and paper in the workplace. More>>

Oil Searches: Norway's Statoil Quits Reinga Basin

Statoil, the Norwegian state-owned oil company, has given up oil and gas exploration in Northland's Reinga Basin, saying the probably of a find was 'too low'. More>>


Modern Living: Auckland Development Blowouts Reminiscent Of Run Up To GFC

The collapse of property developments in Auckland is "almost groundhog day" to the run-up of the global financial crisis in 2007/2008 as banks refuse to fund projects due to blowouts in construction and labour costs, says John Kensington, the author of KPMG's Financial Institutions Performance Survey. More>>


Health: New Zealand's First ‘No Sugary Drinks’ Logo Unveiled

New Zealand’s first “no sugary drinks logo” has been unveiled at an event in Wellington... It will empower communities around New Zealand to lift their health and wellbeing and send a clear message about the damage caused by too much sugar in our diets. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news