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BayWA representatives take up new posts

NZ: Turners & Growers appoint new senior management

Turners & Growers has announced new senior management and director appointments from new majority owner BayWa Aktiengesellschaft, plus John Anderson as an independent director.

The company has confirmed the intended appointments of BayWa representatives Klaus Josef Lutz and Andreas Helber as directors, with Lutz taking up the role of chairman.

Former National Bank head Anderson and Fonterra Cooperative Group director John Wilson have also been appointed independent directors. Jeff Wesley, Brian D’Ath and Christina Symmans resigned from the board on March 7.

At the same time Turners & Growers announced plans to review operations, to be carried out by the newly appointed senior management team.

"The optimisation review will identify areas for potential improvement with regards to T&G’s operational performance, including direct benefits to growers, the streamlining of operations, an increased focus on Asian markets and coordination with BayWa’s European distribution network," the company said in a statement.

T&G appointed Geoff Hipkins as chief executive, Harald Hamster-Egerer as chief financial officer and Philipp Wahl as chief operating officer. Hipkins will take up the role immediately.

Only last month BayWa  secured approval for its takeover, buying 73% of company shares at a cost of $158.2 million.

The shares were unchanged at $1.70 in trading today, a discount of 8.1 percent to the $1.85 price offered by BayWa.

Source: www.sharechat.co.n

Publication date: 4/3/2012


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