LIC chair Murray King has confirmed he is not seeking re-election at the end of his current term and will retire from the board at the annual meeting in October.
Corrigan Sowman, a farmer director on the LIC board, has been appointed chair-designate and will succeed King at the conclusion of the annual meeting.
“It has been my great privilege to chair the board of LIC, but the time is right for someone new to take the reins,” King said.
“LIC is a great company full of good people doing great things for the betterment of the NZ dairy industry and I’m confident this will continue under new chair leadership.”
King’s retirement on October 12 will conclude over 14 years’ service to the farmer-owned co-operative after he was elected to the board in 2009 and appointed chair in 2011.
Prior to this he was also an LIC shareholder councillor.
CEO David Chin said King’s long-serving contribution will leave a lasting legacy at LIC and in the wider dairy sector.
“On behalf of LIC I want to acknowledge Murray’s significant contribution. His careful stewardship over the last 14 years has built LIC into the strong and sustainable co-operative it is today. He has also provided great support to me during my time as chief executive and I know he will be remembered fondly by the wider team for his leadership, passion and for bringing a strong farmer voice to the board table.”
Confirmation of Sowman as chair-designate is part of the board’s commitment to planned governance succession. Nominations for LIC annual meeting elections will be sought next month, and will include the South Island director position currently held by King.