The board of Kerry Co-op has today (Wednesday, April 5) confirmed that Jim Woulfe has been appointed as an advisor to the board.
The former Dairygold chief executive will work with the board as it examines the structure of Kerry Co-op and develops a future strategy.
Woulfe has over 40 years’ experience in the Irish dairy industry in various senior management roles and is currently a board member of Enterprise Ireland and Bord Bia, along with Mercy University Hospital and Fota Wildlife Park.
He has also held board advisory positions with Cork Airport and the National Competitiveness and Productivity Council (NCPC).
Announcing the appointment, Kerry Co-op chairman, Denis Carroll said:
“Kerry Co-op is at an important juncture in its history, and I am delighted to appoint someone of Jim’s calibre to work with the board in an advisory capacity.
“With Jim’s support, the board will this year undertake a strategic review of a number of priorities.
“This involves examining what is possible within the co-op’s shareholding structure for the benefit of all members in line with the society’s rule book and examining any rule changes that may be required.
“In addition, it will enable us to bring a plan to our members that outlines our long-term strategy for Kerry Co-op,” Carroll said.
He said that any plans by the board “will be developed to best suit the complexity of issues, with the goal of benefitting all members in the long-term”.
Advisor
Commenting on his appointment as an advisor, Jim Woulfe said: “I look forward to working with the board of Kerry Co-op.
“The co-op has a very important history and I look forward to supporting it as we develop a plan for its next chapter.
“Working closely with the board, I look forward, when the time is right, to engaging with the elected representative structure,” he said.
Kerry Co-op is the largest shareholder in Kerry Group with an 11.4% stake in the company worth around €2 billion.
In April 2021, talks between Kerry Co-op and Kerry Group on a potential dairy business deal were suspended after over 18 months of discussions.
A group of shareholders, who are concerned about a potential joint venture with Kerry Group, has called for a conversion rate for their shares of one to 5.9 plc shares to be added to the co-op’s rulebook.
This would ringfence the majority of the co-op’s share capital and require the board to seek shareholder approval for any major investment.
The board of Kerry Co-op has said that it is currently evaluating the wording of resolutions devised by the Irish Cooperative Society (ICOS).
Rule changes which have been “deemed necessary and appropriate” are expected to be voted on by Kerry Co-op members at a special general meeting (SGM) which will be held along with the co-op’s annual general meeting (AGM) on July 5.