17 Dec 2009

Company chairman steps aside

1:04 pm on 17 December 2009

Keith Smith is standing down as chairman of New Zealand Farming Systems Uruguay.

From 17 December, he will be replaced by independent director John Parker.

Mr Smith is also chairman of PGG Wrightson, which has an 11.5% stake in Farming Systems Uruguay.

He says he's stepping down in order to clear up any conflict of interest concerns the market may have about him chairing both companies.

Mr Smith will remain on the board of New Zealand Farming Systems Uruguay as a director.

Meanwhile, Farming Systems Uruguay expects its full year loss to be less than $US10 million due to higher dairy prices.

Analysts were expecting the company to make a pre-tax loss of between $US10 - $US15 million in the 2010 financial year.