LIC ends year with $30.6m profit
Herd improvement company LIC has ended the 2024-25 financial year in a strong position - debt-free and almost quadrupling its net profit.
The Miraka board says it has begun a search for his replacement who will lead the company into its next phase of growth. Miraka chief operating officer, Richard Harding has been appointed as acting chief executive.
Gradon says that leading Miraka for the past three years has been a rewarding experience both professionally and personally.
“I am deeply proud of what we have accomplished together as a whanau and business. I am confident in the company's continued success,” he says.
“Our shareholders bestowed a set of values that I personally admire, and I look forward to seeing this values-based approach continue to flourish through the generations as our founders intended."
Miraka remains committed to its mission of producing high-quality dairy products for global export, while upholding the values and traditions of its Maori heritage.
Miraka chair Bruce Scott acknowledged Gradon’s contribution to Miraka’s recent growth and success during the past three years to his leadership and efforts resetting the business for future success.
“Karl Gradon has successfully navigated Miraka through a significant period of change, leading the reorganisation of the business to set Miraka up for long-term, intergenerational success, as was envisioned by our founding leaders and shareholders,” says Scott.
“There are many successes and wins we attribute to Karl’s leadership. This includes building a strong senior leadership team, evolving from single products to optimising customer focus and our portfolio of value-added products.”
Scott says in a short period of time, Gradon has diversified the business model, customer offerings and base.
In the milk supply arena, he has protected and grown Miraka milk supply as well as significantly improving the company’s supplier engagement.
“He was always guided by our core Miraka values, and Tikanga Miraka – the way we conduct ourselves as people, and as a business.
“The Miraka whanau is deeply grateful to Karl for his personal commitment and leadership, navigating Miraka through strong headwinds in globally and fiscally challenging times. Karl did so with mana, vision and dedication.
“Living away from his whanau for the past three years has been a significant challenge and with the successful repositioning of the business for the future, Karl is able to prioritise himself and his family, having created an enduring legacy. We wish Karl all the very best for the future,” Scott says.
