The CEO of Silver Fern Farms, Keith Cooper, is to step down from his position as the New Zealand-based meat processor continues its restructuring.
The company will be “internally reorganising” into three units: beef, sheep meat and venison.
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Chairman Rob Hewett said: “The new business structure will continue to be centrally led and will make the co-operative more responsive to future developments and opportunities in the current overall industry model. The improved structure will increase visibility of performance and strategy across species and establish a broader range of opportunities for any future capital structure initiatives.”
Toward the end of last year, following an annual loss of NZ$28.6m (US$23.8m), Silver Fern Farms appointed PricewaterhouseCoopers to undertake a strategic review of the business.
Hewett said the firm is now also mulling capital structure options “in view of our improved profitability, a positive backdrop of rising global demand for protein, an improved outlook for farm profitability, and ongoing interest from customers to gain security of supply”.
The company will appoint an investment bank to assist it.
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By GlobalDataAfter an eight-year stint with the firm, Cooper has decided to leave the company. He will be succeeded by chief strategy officer, Dean Hamilton, in the interim.
“The business has made good progress this financial year following two very challenging years, however there is still much work to do. I have thoroughly enjoyed leading the creation of a co-operative food company; however the timing is right for change, for someone with different skill sets and a high level of energy to take Silver Fern Farms through its next phase of development,” Cooper said.
