Sanford chief executive steps down after 15 years

Eric Barratt. File photo / Dean Purcell

Sanford has named seafood industry veteran Volker Kuntzsch as chief executive, replacing Eric Barratt who is retiring after 15 years leading the New Zealand's largest listed fishing company.

Kuntzsch is currently president of Nippon Suisan (USA) and CEO of Brunswick, Georgia, US-based Prince Seafood Corp. Previous jobs include global marketing director at Nippon Suisan Kaisha in Tokyo, and managing director of Namibia's Hangana Seafood, Sanford said in a statement. He has also worked for Unilever Europe.

He will take up the new job in early December.

Shares of Sanford climbed 3.4 per cent to $4.60 and have gained about 4 per cent this year.

Earlier this month, Sanford said profit in the year ending Sept. 30 will fall short of its forecast after lower catches of skipjack tuna and toothfish and slow growth in its main Marlborough mussel growing area.

Profit will probably be $23 million to $25 million in the year ending Sept. 30, from $21 million last year, the Auckland-based company said in a statement. That's less than Sanford forecast in May when it said second half profit would probably match the $14 million posted in the first half.