New Zealand’s Sanford announces resignation of CEO Peter Reidie

Auckland, New Zealand-based fishing firm Sanford Limited has announced the resignation of its CEO, Peter Reidie.

Reidie resigned 1 August, and Sanford Board Member Craig Ellison has been appointed interim CEO, while remaining a part of the board. Sanford’s board has commenced a search for a new permanent CEO, according to Sanford Chairman Rob McLeod.

“I thank Peter for his dedication and leadership at Sanford during a period of extremely challenging local and international business conditions,” McLeod said. “These include a very challenging marketplace, the supply chain and other disruptions bequeathed by the Covid pandemic, labor shortages, persistently high inflation and geopolitical instability. Peter has successfully led our company through these challenges and out the other side. Peter has become a good friend of mine and I’ve enjoyed working with him. I wish him all the best for the future.”

Reidie started as Sanford’s CEO in December 2020, three months after longtime CEO Volker Kuntzsch stepped down from the position. Reidie had previously been CEO of the Farmlands Cooperative Society, a New Zealand farming cooperative, for five years, and prior to that, managing director for Australia and New Zealand at food manufacturer Goodman Fielder. Reidie will remain with Sanford on a contract basis to assist with the handover and “to consult on some key projects,” according to Sanford.

Reidie took over Sanford after it was deeply affected by the economic fallout of the Covid-19 pandemic, with its profits falling by almost 50 percent in 2020. Reidie said in a press release he was happy to have guided Sanford to a return to growth, with an improved performance across sales revenue, margins, and profitability.

“The company is well advanced on its post-Covid recovery and significant structural and leadership changes have been made,” Reidie said. “I have enjoyed working with Sanford’s people since April 2021. They have shown enormous resilience, perseverance, and character at an extraordinary time. For me, after I’ve finished some important projects at Sanford, it’s time to move on and focus on family, personal, and other commitments.”

McLeod said Ellison has served as a board member since December 2021 and was therefore a logical choice as interim CEO.

“Craig has extensive seafood sector, managerial, and governance experience, and the Sanford board is very pleased he has agreed to serve as our interim chief executive,” McLeod said.

Sanford posted revenue of NZD 277.6 million (USD 173.6 million, EUR 161.1 million) for H1 2023, up 2.5 percent year-over-year. The higher revenue coincided with a higher a net profit after tax of NZD 11.1 million (USD 6.9 million, EUR 6.4 million), up from NZD 6.1 million (USD 3.8 million, EUR 3.5 million) posted in H1 2022. The company also posted adjusted earnings before interest and taxes of NZD 26.6 million (USD 16.6 million, EUR 15.4 million) in H1 2023, a 38.7 percent increase over the same period in 2022.

Photo courtesy of Sanford