Another top Devco executive resigns
The president of Devco’s North American subsidiary, the New Zealand Lamb Company, North America, Ltd, Mr Wayne Rice, has resigned for “personal reasons.” This was confirmed yesterday by the New Zealand chief executive of Devco, Mr Terry O’Regan. Mr O’Regan announced his resignation last week also for personal reasons. Devco’s chairman, Mr Ron Cushen, is reported to be in New York investigating Devco’s working there and in Canada.
Devco, which holds a monopoly on New Zealand lamb exports to North America, was reported last month to be in
financial strife because it owed the Meat Board $2O million and suppliers $l3 million. In March this year Mr Cushen reported to company shareholders that Devco had achieved a record level of sales and an after-tax profit for the previous 15 months of $1,734,000. Lamb sales to North America in the year ended 1985 increased 45 per cent on 1984 figures with growth in the United States an impressive 71 per cent, he reported.
Mr Cushen also reported that the company had growing sales in Canada.
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Press, 17 July 1986, Page 3
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179Another top Devco executive resigns Press, 17 July 1986, Page 3
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