Livestock Improvement nabs MPI director-general McNee as new chief

Livestock Improvement Corp, the dairy genetics and bull semen company, has appointed Ministry of Primary Industries director-general Wayne McNee as its next chief executive.

Having overseen the merger of the agriculture, forestry and fisheries ministries, Mr McNee will shift to the private sector role on July 29, replacing Mark Dewdney, who is set to retire in May, LIC says in a statement.

Before heading MPI, Mr McNee led the Ministry of Fisheries and was previously chief executive of national drug-buying agency, Pharmaceutical Management Agency, better known as Pharmac.

"This appointment is a huge accolade to the role LIC plays within the New Zealand agricultural sector and the economy generally," chairman Murray King says. "The co-operative is positioned on yet another cusp of innovation and growth, and it's an exciting time to be welcoming Wayne to take the reins."

LIC, a farmer owned co-operative listed on the stock exchange's NZAX, sells bull semen and provides a dairy genetics database.

The Hamilton-based co-operative lifted its first-half profit 7.3 percent to $30 million in the six months ended November 30, with sales up 9.6 percent. LIC typically gets most of its revenue in the first half of the financial year and does not recognise costs until the second half.

The shares were unchanged at $5.90 today.