Farmers have felt the pinch as the market's gone south...
Kerry Group has confirmed reports that the plc’s chief executive, Stan McCarthy, has stepped down as chief executive of the Kerry co-op.
The development is understood to reflect increasing divisions between the Plc and farmer members of its founding co-op over allegations the Group has failed to honour its commitment to pay “the leading milk price” and has slipped behind the price paid by neighbouring co-ops in West Cork.
Dairy farmers across the country are under pressure due to a sharp slide in global dairy prices which has caused the price paid for their milk to fall below the cost of production in many instances.
Kerry Co-op still holds a near 14% stake in the plc and the co-op’s 3,300 individual dairy farmers hold a larger aggregate stake.
Farmers feel that the group should have issued a thirteenth 'top-up' payment to compensate for the low prices.
The group has declined to comment on the circumstance surrounding his exit.
A spokesperson said that it will, "continue to engage with all shareholders and milk suppliers."