LIC en­gine is revving up

Matamata Chronicle - - News -

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.’’

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