DAIRYGOLD CONFIRMED yesterday that chief executive Jerry Henchy was to step down after five years at the helm but that he would remain in charge of Dairygold spin-off, Reox Holdings Ltd.
The surprise announcement that Mr Henchy is stepping down came in a carefully worded statement issued on behalf of the agri-giant which focused on the need for separate stewardship of both Dairygold and Reox.
Responding to media queries about Mr Henchy’s tenure at the helm of Dairygold, the company said “the Board of Dairygold Co-Operative Society Limited has decided that the time has now come for the society to have its own full-time chief executive.
“Since the de-merger of substantial business operations from Dairygold to Reox Holdings plc the society has been availing of the services of Jerry Henchy, chief executive of Reox Holdings, in the role of chief executive of the society. The board of Dairygold believes that the time is now right for a change in this arrangement and for the society to have its own full time Chief Executive,” said the company, adding that a process is being put in place for the recruitment of a new chief executive.
“The company’s chief financial officer, Michael Harte, has been appointed acting chief executive in the interim and the operations will continue to be run by the divisional managers,” said the statement.
The statement contained a tribute to Ballincollig-born Mr Henchy from Dairygold chairman Vincent Buckley, who said that when Reox Holdings was spun off from Dairygold, it was envisaged that Dairygold “would eventually need its own chief executive”.
“The time is now appropriate to move ahead and appoint a full-time chief executive whose task will be to focus on the business of the society. We face enormous challenges in our dairy and agri businesses in maximising the return to our farmer members during these extremely difficult times. We thank Jerry Henchy for his tireless efforts and valued service to Dairygold Co-op and I personally wish to thank him for his help since I became chairman,” said Mr Buckley.
A company spokesman declined to comment further on the background to Mr Henchy’s move from Dairygold, which he joined as chief executive in early 2003 from Kerry Group where he had served in strategic management roles in the US, Central and South America. Under Mr Henchy’s stewardship, Dairygold underwent significant restructuring with the company’s consumer foods, DIY and property divisions all being spun out to Reox Holdings which was established in May 2006.
Mr Henchy’s time at the helm at Dairygold has been marked by considerable controversy with staff numbers being cut from over 3,000 to about 900 and the company exiting from pig processing much to the anger of local pig producers in North Cork.
