AACo this morning revealed current chief executive David Farley would cease employment with the company.
But in its announcement to the Australian Securities Exchange it offered little explanation as to the reason for his departure.
?David has done a very good job and we thank him for his considerable contribution to the company,? AACo chairman Donald McGauchie said in the statement.
A past boss of Colly Cotton in Australia and Calcot in the United States, Mr Farley had been chief executive of AACo since December 2009.
Mr McGauchie said Mr Farley?s skills had been essential to bring the company to where it was today but indicated the next CEO would require ?a different skill set? to lead its next stage of growth.
Chief financial officer Craig White has been appointed interim CEO while the company conducts an executive search that it says will be internal and external.
Mr White, the former CFO at Billabong International and a former financial director with Coca-Cola, has only been with AACo since April.
Construction of one of the largest abattoirs in northern Australia at Livingstone, south of Darwin, has reportedly caused some friction within the company.
Mr Farley announced in April this year AACo would pay for the $85 million abattoir being built near Darwin off its own balance sheet.
"AACo has had numerous discussions with potential joint-venture partners, but... AACo will only consider a joint venture if the partner brought strategic value to the project, such as logistics or distribution capability, on terms acceptable to AACo," Mr Farley said in a statement.
The lengthy staged process of building the abattoir is said to have frustrated some board members.
AACo has recently been selling some of its Queensland properties, in a move the company said is part of its strategy to refocus capital in Northern Australia, after announcing its March 2013 quarter profits were negatively affected by the cattle price slump.
The properties include Brighton Downs, a 420,000 hectare cattle station near Winton, and Adelong, a 5200ha dryland farming and grazing property at Comet.
While the announcement of a disappointing first-quarter earnings result in May cast a cloud over the company, attributable to a $43.2 million revaluation of its herd, AACo's share price performed strongly in the last week of June, increasing from $1.10 to close at $1.17. Trading was strong with the second highest weekly volume recorded in the last 12 months.
The share price then hovered between $1.18 and $1.27 through July.
The company was rebounding from close to a 12-month low after falling sharply from a high of $1.41 in February. Its share price this morning (July 31) sat at $1.20, little changed from recent days.
More to come.
Source: http://www.theland.com.au/news/agriculture/agribusiness/general-news/farley-leaves-aaco/2666169.aspx
Java stevie wonder 2013 NFL Mock Draft paleo diet paleo diet earth day Luis Suarez
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.