First Milk announces the resignation of its chairman

First Milk announces the resignation of its chairman

UK dairy co-operative First Milk has announced its chairman, Sir Jim Paice, is to step down.

Paice said with the company's turnaround programme - started two months ago in a bid to improve its trading position - now "gathering pace", he believed the time was right to resign from the position.

"I believe the board needs more people with real commercial and business skills. That means I think there has to be significant change in the constitution of the board, and that includes the chairman role," said Paice.

"Signalling my intention to stand down allows the board to immediately start work on scoping out the personal and professional qualities that they require in a new chairman, and initiating a recruitment process. In order to ensure an appropriate transition, I will stay in role until a smooth handover to a new chairman is achieved."

First Milk also announced that from 1 July, all milk pools will see their standard litre price for A volumes reduced by 1 pence per litre. The only exception is the Midlands Balancing pool which will see a 0.7 pence per litre reduction.

"While the turnaround actions that have been taken over the last two months have improved our trading position, we also have to factor in the impact of lower commodity prices. I know this is further disappointing news, which I regret," said Paice.