New Zealand’s Westland Dairy CEO decides to step down

New Zealand’s Westland Dairy Company chief executive Toni Brendish has reportedly decided to step down on 7 August.

Brendish has resigned after taking up the role of CEO four years ago in 2016.

A company statement said: “As part of this, Brendish has reflected on her personal goals for the next five years and has decided to step down from her role to allow a new leader to take Westland into the future with Yili.”

Shiqing Jian, a resident director for Westland Dairy and Oceania Dairy, will assume the role.

Jian was quoted by NZ Herald as saying: “Repositioning Westland away from a historical commodities producer to a modern company with hugely successful branded products such as Westgold as well as segregated milk products among other key innovations has ensured that Westland will continue to be part of the New Zealand dairy industry for the next generation.”

The development follows after Westland was acquired by Chinese company Yili last year.

Last March, Westland Milk signed a conditional agreement to divest its West Coast dairy co-operative to Hong Kong Jingang Trade Holding (Jingang) for NZ$588m ($403m).

Jingang is a wholly-owned subsidiary of Inner Mongolia Yili Industrial Group (Yili). The deal saw Yili purchase 72,008,605 shares for $3.41 per share plus net debt and other assumed liabilities totalling NZ$342.5m ($234m).

Later in July, the deal was approved by New Zealand Government agency the Overseas Investment Office (OIO).