Foodstuffs North Island's CEO Chris Quin says Stewart has done
an "outstanding job" as a CFO, first for Foodstuffs Auckland Ltd,
and most recently Foodstuffs North Island.
"Our co-op is in excellent financial health," says Quin. "Our
auditors have confirmed to the board that the performance of our
commercial operation's team is right up there with the best, and
there's no doubt that David's leadership has been a key factor in
"We're now entering an exciting time for the merchandise team,
and under David's direction we will continue to employ effective
and integrated merchandise practices that will enrich our
customer's retail experience."
"David's strategic thinking, commercial acumen and strong
leadership will be hugely beneficial in making shopping easier for
customers, saving them time while innovating to provide inspiration
about what to buy via the channel that's most convenient for
For his part, Stewart says he's enjoying the shift in focus away
from raw figures to consumer trends.
"In essence, my new role is all about ensuring we're stocking
the products our customers want," says Stewart. "That means
identifying early on where they may be shifting their spending
habits to, and working with suppliers on new product
"We know, for example, that shoppers are thinking more about
healthy options and increasingly looking for products that have
been sourced sustainably. We've got to respond to those demands
while at the same time continuing to offer great value and
Stewart's appointment is effective immediately, though his last
official duty as CFO won't be until 11 August 2016, when he
delivers the Foodstuffs North Island Group's financial results at
its AGM in Wellington.
In the meantime, the hunt is on for a new CFO for an
organisation with more than $7.5bn in annual store sales, assets
worth over $2.5bn, and current capital expenditure in excess of
"David Ison, currently the business' Group Financial Controller,
will be our acting CFO until the recruitment search is over. He has
very strong financial expertise and has played a critical role in
steering the financial integration of the legacy businesses."
Quin praised outgoing GM Merchandise Baden Ngan Kee for his hard
work and dedication.
"Under Baden's leadership, the merchandise team has excelled,
keeping on top of consumer trends and delivering innovative
solutions across our banners at a time of increasing focus on