T&G Global Unveils Leadership Changes at 100th Annual Shareholder Meeting; Professor Klaus Josef Lutz, Benedikt Mangold, and Gareth Edgecombe Comment
NEW ZEALAND - Taking what it has learned from the past year and wielding it to catapult growth into the future, T&G Global revealed that it held its 100th Annual Shareholder Meeting, reviewing the 2020 financial year and providing an economic outlook for the next six months. Also looking toward the horizon, the company celebrated the service of its departing Chairman, Professor Klaus Josef Lutz, and the incoming successor, Benedikt Mangold.
“The pleasing financial results from FY2020 are a result of excellent teamwork and an ongoing transformation to improve our underlying performance,” said Chief Executive Officer, Gareth Edgecombe. “Our focus on ensuring we have an inspiring purpose and clear strategic direction that is supported by our entire team, has played a big part in delivering these positive results.”
The highlights that Edgecombe refers to include an increased overall revenue of $1.4 billion, up from $1.2 billion in 2019, as well as an increase in profit to $16.6 million after tax, up from $6.6 million the previous year, according to a press release.
For the 2021 financial year, Edgecombe went on to detail the challenges that are currently being faced by the industry, including seasonal labor shortages, adverse weather conditions, and disruptions across the global logistics system. However, T&G has strategized to overcome these issues and continue toward expansion and financial growth.
“…Our T&G Fresh domestic business has been operating in a difficult environment, and the team is well progressed in addressing these challenges, as well as delivering increased synergies from our 2020 acquisition of Freshmax NZ Limited. While many of the challenges we’re facing are industry wide, I’m confident T&G has the right strategy, the best people, and the fortitude to get through them. We’re doing everything we can to build on the underlying financial strength in our business, and I know we’ll be able to meet these challenges head on,” explained Edgecombe.
With so much uncertainty this past year, T&G’s outgoing Chairman, Professor Klaus Josef Lutz, was pleased with the company’s results and reflected on its positioning now and into the future.
"The strategic program of work that T&G has undertaken over the past nine years has been immense. Enabling the selling of non-core assets allowed reinvestment into growth activities, contributing to the development of new plant varieties and world class genetics, redevelopment of orchards, and the introduction of state-of-the-art technology and automation. This strategic growth continues, and with its focused business strategy, strong leadership, and continual improvements, T&G is primed to harness opportunities into the future. I’m proud of the incredible transformation the business has made in the past nine years,” he commented.
Lutz will be departing after nine years at the helm. He will be succeeded by Benedikt Mangold, who currently leads BayWa’s Global Produce division and has previously worked at T&G.
“There is unabated demand internationally for high quality fresh produce, and this creates an incredible opportunity for both T&G and BayWa’s Global Produce business,” shared Mangold. “I have a deep understanding and passion for T&G’s business following three years working within the Company in New Zealand. A lot of work has gone into creating a strong foundation, positioning T&G well for future growth, and I look forward to harnessing my knowledge and experience and working alongside our strong Board and talented leadership team to further strengthen the business.”
Cheers to both men as they move down these new paths, and to T&G as it continues to introduce new strategies for growth.