Development role for Cedenco CEO

By Phil Boeyen, ShareChat Business News Editor

Monday 21st May 2001

Cedenco (NZSE: CED) boss Dean Witters is to step down as chief executive and move into a new role in business development within the company.

Mr Witters will leave the top job at the end of September to concentrate on developing a range of new business projects.

He says given the benefits of technical know-how and market synergies brought by the company's new majority shareholder, California-based SK Foods, he and the new board believe his skills will be best applied to the role of executive director of business development.

"This is the area of the business I most enjoy and it is a very exciting prospect to now have full time involvement to bring new developments to fruition."

Cedenco says the appointment will "provide sharper executive and board focus to this area to accelerate the commercialisation of a range of projects currently in early stages of evaluation and development.

Chairman, Basil Logan, says Mr Witters leadership and huge personal commitment have been synonymous with the company's development.

"This has culminated in the achievement of a three year average annual growth rate in after tax earnings of 42%.

"In that period, diversification of products and manufacturing capability, reduced risk profile and consistent delivery against business forecasts has enhanced investor confidence and shareholder value".

Earlier this month Cedenco announced a much improved interim profit of $2.4 million for the six months ended March, up from $400,000 last year.

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