Livestock Improvement nabs MPI director-general McNee as new chief

Monday 29th April 2013

Livestock Improvement Corp, the dairy genetics and bull semen company, has appointed Ministry of Primary Industries director-general Wayne McNee as its next chief executive.

Having overseen the merger of the agriculture, forestry and fisheries ministries, McNee will shift to the private sector role on July 29, replacing Mark Dewdney who is set to retire in May, LIC said in a statement. Before heading MPI, McNee led the Ministry of Fisheries, and was previously chief executive of national drug-buying agency, Pharmaceutical Management Agency, better known as Pharmac.

"This appointment is a huge accolade to the role LIC plays within the New Zealand agricultural sector and the economy generally," chairman Murray King said. "The cooperative is positioned on yet another cusp of innovation and growth and it's an exciting time to be welcoming Wayne to take the reins."

LIC, a farmer owned cooperative listed on the stock exchange's NZAX, sells bull semen and provides a dairy genetics database.

The Hamilton-based cooperative lifted its first-half profit 7.3 percent to $30 million in the six months ended Nov. 30, with sales up 9.6 percent. LIC typically gets most of its revenue in the first half of the financial year and doesn't recognise costs until the second half.

The shares were unchanged at $5.90 today.

BusinessDesk.co.nz

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