Jim Paice is to step down as chairman of First Milk.
First Milk has announced that from 1 July 2015, all milk pools will see their standard litre price for A volumes reduced by 1 pence per litre. The only exception is the Midlands Balancing pool which will see a 0.7 pence per litre reduction.
Chairman Sir Jim Paice commented:
“As you will be aware from recent milk price announcements around the globe, commodity markets are continuing to decline. While the turnaround actions that have been taken over the last 2 months have improved our trading position, we also have to factor in the impact of lower commodity prices. I know this is further disappointing news, which I regret.
“With the turnaround programme now gathering pace and the timescales for an external review agreed, I believe the time is right to announce my intention to step down as chairman of First Milk.
“In my letter last week I said that I believe the Board needs more people with real commercial and business skills. That means I think there has to be significant change in the constitution of the Board, and that includes the chairman role.
“Signalling my intention to stand down allows the Board to immediately start work on scoping out the personal and professional qualities that they require in a new chairman, and initiating a recruitment process. In order to ensure an appropriate transition, I will stay in role until a smooth handover to a new chairman is achieved.”
