Dairygold CEO Jim Woulfe to step down

Pictured launching the Dairygold annual report at Dairygold’s Castlefarm Dairy Processing Complex in Mitchelstown Jim Woulfe, CEO. Picture: Leah Mullally, [e-mail]

Jim Woulfe, Dairygold Co-op’s CEO since 2009, is to step down from the role later this year.

The announcement comes as the Co-Op released financial results for 2020 showing turnover maintained at just over €1 billion, with an operating profit of €26 million, down €9.8m from 2019, when property deals swelled profits.

Net bank debt reduced by €38.7m, and an increased depreciation, impairment and amortisation charge of €7m after completion of a significant capital investment programme, also feature in the annual report.

Like much of the Irish dairy industry, Dairygold has shrugged off the challenges of the Covid-19 pandemic so far.

With a core activity of collecting and processing milk from about 2,700 dairy farmers, Dairygold is well placed compared to a traumatic period for the co-op before Jim Woulfe took over as Chief Executive in 2009.

Michael Harte, CFO, Jim Woulfe, CEO and John O’Gorman, Chairman, at the launch of the annual report at Dairygold’s Castlefarm Dairy Processing Complex in Mitchelstown. Picture: Leah Mullally, [e-mail]

It had been through a restructuring and re-positioning which included plant closures, outsourcing of activities, and huge job losses that had a devastating impact in its Munster hinterland.

Led by Woulfe, the co-op has had a decade of significant expansion and growth.

He says Dairygold now turns the focus towards higher margin activities, after a decade of carefully managed expansion, while simultaneously laying the foundation for future high-value business opportunities.

“As we head into a new decade, the Society is in a good financial and operational position, with a strong balance sheet, manageable bank debt, and a member funding mechanism established.

“Our core dairy and agri-businesses are now well invested, with clearly aligned operational management structures.

“We have established a new health and nutrition business to deliver on our new strategic focus. 

As a result, Dairygold is in a strong position to reap the rewards of the improved trading environment which should emerge as the global economy rebounds. 

"We are well prepared for the next chapter of higher value margin growth.”

Before Woulfe took over in 2009, the Dairygold Co-op operating profit had slumped from €21.5m in 2007 to €2.3m in 2008.

Dairygold will now begin the process to recruit a successor, and Jim Woulfe will step down from the CEO role at year-end, after a successor has been appointed.

Dairygold Chairman John O’Gorman thanked Mr Woulfe for his ‘outstanding leadership’ of the Society through a decade of major change, investment and business growth.

He said revenues grew from €555m in 2009 to €1.02bn, with net asset value growing from €206m to €388m.

Mr Woulfe said, “it has been a huge honour and a privilege to have worked with the Dairygold board, management, staff, shareholders, and customers during my term as CEO, in leading the Dairygold organisation through a period of substantial change and growth. 

"In my decision to retire, I believe the business is in a good place and that now is the right time to pass the baton on to the next CEO who will work with a strong leadership team to continue to take the Dairygold organisation forward to its next stage of strategic growth.”