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

 

Silver Fern CEO Dean Hamilton steps down

Silver Fern CEO Dean Hamilton steps down

By Rebecca Howard

July 28 (BusinessDesk) - Silver Fern Farms announced the resignation of chief executive Dean Hamilton, who will leave at the end of the year, and said a search is underway for his replacement.

Hamilton has been chief executive of Silver Fern Farms, New Zealand's biggest meat company, for three years and steered it through the Shanghai Maling investment and partnership. No reason was given for his resignation but co-chairman Rob Hewett said "we been discussing for some time the demands on him of working away from home" and the board "appreciates and accepts" his desire for change.

Silver Fern Farms voted last year to sell a half stake in the business to Shanghai Maling for $267 million and the original cooperative of farmers now owns the remaining half stake, although Shanghai Maling has the casting vote on key strategic issues. The meat processor posted a loss of $30.6 million last year in what it called a "very challenging year across the industry".

The deal enabled Silver Fern to repay its debt, removing a threat from its banking syndicate to withdraw support. The company cut net debt to $107 million from $121 million a year earlier and halved its finance costs to $14.8 million, it said in January.

The tie-up also enables it to tap Shanghai Maling's supply chain and parent Bright Food's wholesale and retail networks to distribute into China.

He "will leave the company in its strongest ever financial position, with a clear strategic direction and a very capable leadership team," said Hewett.

(BusinessDesk)

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Super Fund/Canada Bid v NZTA: Tow Preferred Bidders For Auckland Light Rail

The two preferred delivery partners for Auckland light rail have been chosen and a final decision on who will build this transformational infrastructure will be made early next year, Minister of Transport Phil Twyford announced. More>>

ALSO:

9.3 Percent: Gender Pay Gap Unchanged Since 2017

“While it has remained flat since 2017, the gender pay gap has been trending down since the series began in 1998, when it was 16.2 percent,” labour market statistics manager Scott Ussher said. More>>

ALSO:

Ex-KPEX: Stuff Pulls Pin On Media Companies' Joint Ad-Buying Business

A four-way automated advertising collaboration between the country's largest media companies is being wound up after one of the four - Australian-owned Stuff - pulled the pin on its involvement as part of a strategic review of its operations ... More>>

Bus-iness: Transdev To Acquire More Auckland And Wellington Operations

Transdev Australasia today announced that it has agreed terms to acquire two bus operations in Auckland and Wellington, reaching agreement with Souter Investments to purchase Howick and Eastern Buses and Mana Coach Services. More>>

ALSO: