ELDERS has announced Mark Allison will stay on as the managing director and chief executive officer of the company after announcing his plans to retire in November last year.
His total fixed remuneration will be lifted to $1.5 million with a $500,000 cash bonus if he remains employed by Elders on 1 June 2024 and another $500,000 cash bonus if he remains employed by Elders on 1 June 2025.
Shortly after making the ASX announcement about Mr Allison, Elders released a further statement announcing the resignation of Matthew Quinn as a non-executive director.
The company’s share price opened this morning at $6.72, about half of what it was this time last year at $13.35.
In the announcement, the company said it had a widespread domestic and international search for a new CEO before the board of directors decided to keep Mr Allison on.
Elders posted a $232M pre-tax profit last financial year and predicted another favourable trading condition for FY23, with extreme weather and softening livestock prices expected to have an impact.
Chair Ian Wilton said in the ASX announcement that Mr Allison’s experience and knowledge as the company continues its systems modernisation and supply chain rationalisation projects was important.
He said the current CEO succession program will continue to focus on the development of suitable candidates.
“We are very fortunate that we have been able to agree with Mark that he will now not retire from Elders and secure his continued service This is an ideal outcome for Elders, its customers, employees and shareholders,” Mr Wilton said.
“Mark’s deep experience and understanding of Elders and agriculture both domestically and globally makes his continued service ideal for Elders.”
Mr Allison said the board will continue to work with him to develop the strong pipeline of talent in Elders’ senior leadership team.
“I am delighted to continue in my role as managing director and CEO of Elders,” he said.
“While I had been intending to retire from Elders, it was never my intention to cease serving the interests of Australian agriculture, and this country’s farmers, after my departure.
“As a result, I was very pleased to accept the Board’s invitation to continue in my role and am energised by the prospect of building on the hard work we have already done at Elders during my tenure.”