I understand that Brian Leslie, formerly of this parish, is poised to become the chief executive of Kerry Co-op.
The role has until now been indivisible from that of Kerry plc chief executive, with Stan McCarthy succeeding Denis Brosnan in the dual roles. He stepped down as co-op CEO last summer, and last week’s meeting of the Kerry Co-op board selected the former Irish Farmers Journal agribusiness editor to become the first co-op-only employee since the formation of Kerry plc.
The fact that the board chose not to select someone from within the talent pool of the plc is noteworthy – it could be a sign that they intend to be independent of spirit. The co-op and plc have been at loggerheads over a/the (depending on who you speak to) leading milk price and a 13th payment for 2016.
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Leslie must manage the vast assets of the co-op – €1.7bn of plc shareholding and about €20m in cash. There is long-standing speculation that these resources could be used to purchase some or all of Kerry’s Irish agribusiness, as Glanbia did. Will that be Leslie’s task?
Cash is no barrier. For, example, Kerry Co-op has the resources to bid for Dairygold, never mind its own dairy operation. The makeup of the co-op could be a problem – only 3,400 of the 13,000 shareholders are active milk producers and many are already aggrieved at the treatment of dry shareholders, with the patronage scheme a prime example of perceived bias towards active milk producers. It won’t be dull, that’s for sure.
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I understand that Brian Leslie, formerly of this parish, is poised to become the chief executive of Kerry Co-op.
The role has until now been indivisible from that of Kerry plc chief executive, with Stan McCarthy succeeding Denis Brosnan in the dual roles. He stepped down as co-op CEO last summer, and last week’s meeting of the Kerry Co-op board selected the former Irish Farmers Journal agribusiness editor to become the first co-op-only employee since the formation of Kerry plc.
The fact that the board chose not to select someone from within the talent pool of the plc is noteworthy – it could be a sign that they intend to be independent of spirit. The co-op and plc have been at loggerheads over a/the (depending on who you speak to) leading milk price and a 13th payment for 2016.
Leslie must manage the vast assets of the co-op – €1.7bn of plc shareholding and about €20m in cash. There is long-standing speculation that these resources could be used to purchase some or all of Kerry’s Irish agribusiness, as Glanbia did. Will that be Leslie’s task?
Cash is no barrier. For, example, Kerry Co-op has the resources to bid for Dairygold, never mind its own dairy operation. The makeup of the co-op could be a problem – only 3,400 of the 13,000 shareholders are active milk producers and many are already aggrieved at the treatment of dry shareholders, with the patronage scheme a prime example of perceived bias towards active milk producers. It won’t be dull, that’s for sure.
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