Jimmy Gray will step down from the board on 31 December with Neil McArthur being elected to take over on 1 January.

Mr Gray has completed the maximum nine years on the board, incuding five as chairman.  Mr McArthur joined the board in 2007 after a career in banking, the offshore industry and business management.

The vacancy on the board will be filled by Douglas Russell who will join on 1 January.  Mr Russell runs the family farm at Fearn and is a partner in Edinburgh solicitors, Simpson & Marwick.