The chief executive of Kerry Co-operative Creameries, Thomas Hunter McGowan, will step down from his position in the new year.
Hunter McGowan has advised the co-op’s board of directors of his decision step down, with his time in the role set to conclude on February 25 next.
Hunter McGowan joined Kerry Co-op in October 2017 as company secretary and took on the role of chief executive officer in 2019.
Commenting on his impending departure, he said: “It has been my privilege to lead the co-op for over five years, working with some of the best farmers in Ireland.”
Hunter McGowan said he had “overseen the establishment of a fully functioning independent office for Kerry Co-op providing payroll, payments, shares administration and electoral systems for the co-op”.
He added that he “successfully navigated” reform of the structure of the organisation, put a share redemption scheme in place, and “dealt successfully” with a patronage appeal and arbitration on milk.
Denis Carroll, the chairperson of Kerry Co-op, said: “Thomas has made a huge contribution to the co-op and displayed total commitment to the post. I wish him every success in the future.”
In other news related to the co-op, it has been confirmed that signatures from a group of shareholders were received seeking a special general meeting (SGM).
The group of shareholders, who are concerned about a potential joint venture with Kerry Group, want to compel the co-op board to hold an emergency vote on a share redemption scheme.
Kerry Co-op is the largest shareholder in Kerry Group, with an 11.4% stake in the company worth around €2 billion.
The group wants 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.