Tipperary co-op announces CEO to leave the business

In a series of text messages issued to its advisory committee this morning, it said that Daly was leaving the business to pursue other interests.

"Since joining as CEO in 2016, Daly has led a transformative capital investment programme across Tipperary's manufacturing facilities," the messages read.

"Modernisation of the drying capabilities at the plant from Tipperary Co-op Creamery Ltd commenced in 2018 and reached completion in June 2023. The site operates to the highest compliance standards in the dairy industry and it is ideally placed to enhance Tipperary's position in the Infant Formula industry as well as in other high added-value dairy and non-dairy ingredient businesses. from Tipperary Co-op Creamery Ltd.

"Tipperary's business model is unique in the industry in that the Co-Op now has a much reduced exposure to variations in milk volume than is typical in the industry."

Board Chairman William Ryan stated: "The Co-Op's future has been greatly improved through investment in sophisticated from Tipperary Co-op Creamery Ltd and industry-leading technology and skills of our people.

John Daly and the Board believe that now is the opportune time for new leadership to continue to drive the future direction of the Co-Op. We thank John for what he has brought to our business and we wish him well in his future endeavours from Tipperary Co-op Creamery Ltd."

It also announced the appointment of John Hunter as Interim Chief Executive Officer. John is currently CEO of Moorepark Technology Ltd and has previously held the role of Assistant General Manager with Tipperary Co-Op. from Tipperary Co-op Creamery Ltd

Prior to this John held various management positions in both Tipperary and Dairygold Cooperatives.

The co-op’s revenues rose year on year between 2018 and 2022, according to its annual report. It had total revenue of €195.3 million in 2018, and revenues of €420.9 in 2022.

The bulk of that increase came from the sale of milk powders, which stood at €17.8 million in 2018 and amounted to €142.8 million in 2022. That was almost twice the income it took in from milk powders the previous year, which stood at €78 million.

The company had a total profit of €6.9 million in 2022, up from €4.9 million the year before.

Its debt has risen in that period as well. It’s bank borrowings stood at €36.8 million, up from €29 million the year before, while amounts owed to other creditors stood at €47.8 million.

Tipperary Co-op was established in 1908 and produces cheese, milk, butter, skim milk powder and buttermilk powder and work with over four hundred farms.

In recent years, it has placed a strong emphasis on growing our export markets and established a market presence in France, Germany, United Kingdom and Northern Ireland. Throughout 2020, it focused on the Middle east and Asia as export markets for our nutritional milk powder.