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New Zealand Farming Systems Uruguay - pasture - Source: www.nzfsu.co.nz -
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New Zealand Farming Systems Uruguay (NZFSU) has elected a new chairman, independent director John Parker.
Parker is also the chairman of the Port of Tauranga and on-wharf logistics company C3, and has had a long career in senior roles in the dairy industry.
He will replace Keith Smith who has chaired NZFSU since it was formed.
Smith is the chairman of rural services company PGG Wrightson, Tourism Holdings, and The Warehouse Group.
Smith says he is stepping down to provide assurance that clear separation exists between the governance of NZFSU and its 11.5% shareholder PGG Wrightson.
He will stay on as a director of NZFSU.
NZFSU uses its New Zealand dairying expertise on farms in Uruguay but in August said its performance had been impacted by the global economic downturn and severe drought conditions.
It reported a net loss after tax of $45.9 million for the year
to the end of June compared with $8 million the year before.
