Monday 21st August 2017
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Skellerup Holdings has appointed former investment banker David Cushing to its board from which his father, Selwyn Cushing, will retire in October.
Selwyn Cushing, who stepped down as chair in January, joined the Skellerup board in 2007, and first became involved with the company in 1981. He will retire at the annual shareholders meeting on Oct. 25, along with Ian Parton, who has been a director since May 2011.
"Skellerup shareholders have benefited greatly from Selwyn’s leadership and business skill," chair Liz Coutts said. "His credibility was a key factor in successful capital raisings along with new board and management appointments. With these changes complete he has ensured the board and management remained firmly focused on continually improving the business and therefore returns for all shareholders."
Coutts said that Parton's "combination of governance and engineering expertise had been of great value to Skellerup, particularly during the design and construction of its new facility in Christchurch."
David Cushing is currently executive chairman of Rural Equities, the family's main farming business, as well as managing director of private investment company H&G and director of ASX-listed agribusiness Webster.
H&G holds 7.3 percent of Skellerup's shares, meaning David Cushing is deemed to have a relevant interest in the company as he holds more than 20 percent of H&G's shares.
Last week, Skellerup said it had lifted annual profit 8 percent to $22.1 million as it reaped the benefits from refocusing its industrial unit away from the volatile oil and iron ore industries and into the potable water market, and its agri unit saw increased demand as dairy product prices improved.
Its shares last traded at $1.73 and have gained 14 percent this year.
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