LIC engine is revving up
Newly appointed LIC CEO Wayne McNee told shareholders at the cooperative’s annual meeting that he was ‘‘delighted to be appointed CEO of a strong company which is in the engine room of the New Zealand economy.
The former Director General of the Ministry for Primary Industries has been in the role of LIC CEO for three months and in that time has got to know the business and people and had met a number of farmer customers and shareholders.
Closeness to farmers and understanding of the challenges they are facing on farm is a feature of his leadership style and McNee said eight years ago LIC was a three product focused business that turned over $100 million, made $3m or $4m per year and invested $5m or $6m into the business.
‘‘Today, LIC is a $200m business that invests $25m to $35m into the business producing a wide range of products and services and returns $10m to $15m to shareholders in dividends.
McNee said the LIC Board approved $28.9m in the 2012-2013 year and LIC has a heavy emphasis on developing new and improved software and farm products.
‘‘Around $20m is invested each year in product development and R&D which correlates to 10 per cent of revenue – a high proportion compared with most New Zealand companies.’’