Sir Selwyn Cushing to retire from Skellerup board

Skellerup Holdings has appointed former investment banker David Cushing to its board from which his father, Sir Selwyn Cushing, will retire in October.

Sir Selwyn, who stepped down as chairman in January, joined the Skellerup board in 2007, and first became involved with the company in 1981. He will retire at the annual shareholders meeting on Oct. 25, along with Ian Parton, who has been a director since May 2011.

"Skellerup shareholders have benefited greatly from Sir Selwyn's leadership and business skill," chairwoman Liz Coutts said. "His credibility was a key factor in successful capital raisings along with new board and management appointments. With these changes complete he has ensured the board and management remained firmly focused on continually improving the business and therefore returns for all shareholders."

Ms Coutts said Mr Parton's "combination of governance and engineering expertise had been of great value to Skellerup, particularly during the design and construction of its new facility in Christchurch."

David Cushing is executive chairman of Rural Equities, the family's main farming business, as well as managing director of private investment company H&G and director of ASX-listed agribusiness Webster.

H&G holds 7.3% of Skellerup's shares, meaning David Cushing is deemed to have a relevant interest in the company as he holds more than 20% of H&G's shares.

Last week, Skellerup said it had lifted annual profit 8% to $22.1 million as it reaped the benefits from refocusing its industrial unit away from the volatile oil and iron ore industries and into the potable water market, and its agri unit saw increased demand as dairy product prices improved.

Its shares last traded at $1.73 and have gained 14% this year.

(BusinessDesk)