Sealord boss to step down

Last updated 12:42 27/03/2014
Graham Stuart
TOUGH CALL: Sealord chief executive Graham Stuart is on the road explaining to shareholders why there is no dividend this year.

Relevant offers


AJ Hackett to open new "world's highest bungy" - in China New York enacts restrictions on Airbnb, with fines of up to $10,000 Court action on 'shonky' steel mesh creates pressure for government inquiry Female lawyers charge-out rates lag behind their male colleagues Weight Watchers campaign joins list of PR blunders Opportunist builders, dodgy steel and shonky standards create new building crisis 'worse than leaky homes' Troubled property developer Augustine Lau taken to court for toilets emptying into stream Skills shortage results in firms looking internally to fill roles, recruitment firm says Pumpkin Patch in trading halt - too much debt, not enough capital British American Tobacco offers to buy Reynolds in US$47 billion deal

Maori co-owned fishing company Sealord has confirmed its chief executive, Graham Stuart, is leaving the company.

His move comes after the Nelson-based company posted a heavy $36.5 million loss in the 2013 financial year, its first loss in 20 years. It was the result of a failed fishing venture in Argentina.

In a statement Sealord said Stuart's departure was announced after a briefing to iwi where Sealord reported performance well ahead of plan at the year's halfway mark and expectations of delivering a strong profit and dividend for the 2014 financial year.

"I've always been firmly of the view that companies like Sealord do better when they are every so often rejuvenated by new direction from the top," Stuart said.

"Last year was Sealord's most difficult in its recent history; the exit from Argentina was exceptionally tough and came at a time when fishing was not good and adverse exchange rates had an impact."

Undercurrent News, a fishing trade website, says Stuart sent an email to Sealord staff saying he would go in September or earlier if a replacement were found.

"To those of you who know me it should come as no surprise that later this year I will leave Sealord to, as the cliche goes, 'pursue new challenges'," Stuart told staff, according to Undercurrent.

"I say cliche because I'm not sure yet what exactly those challenges will be and it is hard for me to give too much consideration to what I want to do next when I'm still absolutely committed to seeing Sealord through this financial year," he wrote.

Undercurrent sources said the move was also announced on Tuesday at the annual meeting of Aotearoa Fisheries Ltd (AFL), a holding for Maori seafood interests. AFL holds 50 per cent of Kura, a holding that controls Sealord. Nippon Suisan Kaisha (Nissui) holds the other 50 per cent.

Stuart joined Sealord from Fonterra in 2007.

Ad Feedback

- Fairfax Media

Special offers

Featured Promotions

Sponsored Content