Sanford Chairman Paul Norling will retire as a director of the company at the company’s next shareholders' meeting on 13 December.
To replace him, the board of the Auckland, New Zealand-based integrated seafood firm has selected Robert McLeod as its next chairman.
“During my tenure as chairman, it has been a pleasure to see the company on a voyage of transformation, as it focuses on being a producer of branded seafood and other value added marine based products of substantially higher value, rather than selling into the international commodity markets, as it had done in the past,” Norling said in a press release. ''Considerable progress has been made in this regard, aided also by some major innovation and other transformational initiatives, but there is also still a meaningful way to go to fully realize the substantial benefits that are available.”
McLeod has served on the company’s board since 2016 and as its deputy chairman since 2018. He previously served as the chairman of Aotearoa Fisheries Limited (now Moana), Sealord Group Limited, and was a commissioner of the Waitangi Fisheries Commission. Most recently he worked as CEO of Ernst & Young Oceania before retiring in 2015.
“The company has an exciting future which the Board and management are committed to realize,” McLeod said. “Paul has worked tirelessly and effectively to bring Sanford to its present position, and he can be very proud of the achievements and contribution he has made.”
Sanford reported an 8 percent decline in its earnings before interest and tax (EBIT) for the six months ending 31 March, 2019, with an EBIT of NZD 32.6 million (USD 20.6 million, EUR 18.7 million). It reported lower net profit in that time period as well, at NZD 22.9 million (USD 14.5 million, EUR 13.1 million) compared to NZD 27.3 million (USD 17.3 million, EUR 15.6 million) in the six months ending 31 March, 2018. The company said warmer waters causing biofouling on its Greenshell mussels, as well as softer prices for toothfish and a volume shortfall due to the suspension from service of its fishing vessel San Granit after a crewman died on-board led to the lower results.
Photo courtesy of Sanford
