NZ Farming Systems appoints new chief

NZ Farming Systems Uruguay's operation. Photo / supplied.

Former Fonterra executive Alastair de Raadt will lead NZ Farming Systems Uruguay through the internalisation of its management contract.

De Raadt, who was managing director at Fonterra's Tip Top ice cream brand for the past two years, has been appointed Farmings Systems' chief executive until the end of January, with the option to extend it by mutual agreement.

His 16 years at Fonterra and Cadipro Milk Products have seen him work in Central and South America, and Southeast Asia, as well as New Zealand.

Farming Systems bought out its management contract with PGG Wrightson for $4 million last month, though the rural services company will stay on as preferred supplier until at least 2019 and provide advice and consultation until 2015.

The termination of the contract will be voted on by bond holders and shareholders next month.

The farming manager is facing a takeover from Singapore's Olam International Ltd. for 70 cents a share, and its board has endorsed partial acceptance of the offer. Olam needs at least 50.1 per cent and has secured 40.3 per cent so far.

The shares rose 1.5 per cent to the offer price of 70 cents in trading today.