NAMOI Cotton has announced the resignation of chief executive officer, Michael Renehan, who stood down from the position yesterday.
The company’s chief financial officer, John Stevenson, has been appointed interim acting CEO.
The Board has initiated a process with an executive recruiting agency for a replacement CEO.
Mr Renehan joined Namoi Cotton Limited in 2019 as CEO and undertook a modernisation program to ensure that the business met the challenges of the drought and, more recently, the COVID-19 work environment.
As part of the termination package, Mr Renehan received a three-month termination payment of $100,000, a one-off payment of $100,000 and a relocation and out-placement fee of $30,000.
Source: Namoi Cotton