Thursday, December 7, 2023

Mike Petersen goes to the top at Scales

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Replaces Tim Goodacre, who is standing down after six years as chair.
New Scales chair Mike Petersen has more than 30 years of management and governance experience in the primary sector.
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Agribusiness leader Mike Petersen will become a director and chair of Scales Corporation on April 28, to replace Tim Goodacre who is standing down after 11 years as a director, the past six as chair.

The Scales 2022 annual report says Petersen has over 30 years of management and governance experience in the primary sector and is a director of ANZCO Foods, Kelso Genetics and digital marketplace developer Nui Markets.

He is a former Special Agricultural Trade Envoy and chair of Beef + Lamb New Zealand.

Scales made a two-part interim dividend distribution of 9.5c a share during January and March but its share price has fallen nearly $2 to $3.17 during the past year of highs and lows in its horticultural and pet food businesses.

Goodacre and chief executive Andy Borland say in the annual report that the highlight was record performance by the Global Proteins division, with its broad network of suppliers and customers in New Zealand, Australia and the United States.

“We are keen to extend our operations into Europe, being the second-largest market for petfood and where many of our long-standing customers are operating.

“Discussions regarding potential opportunities are currently taking place and we look forward to updating you on progress in due course.”

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