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Ann: OFFICE: NFF: Nufarm appoints Acting Chief Executive

    • Release Date: 04/02/15 14:42
    • Summary: OFFICE: NFF: Nufarm appoints Acting Chief Executive
    • Price Sensitive: No
    • Download Document  2.38KB
    					NFF
    04/02/2015 14:42
    OFFICE
    PRICE SENSITIVE
    REL: 1442 HRS Nufarm Finance (NZ) Limited
    
    OFFICE: NFF: Nufarm appoints Acting Chief Executive
    
    Nufarm's chairman, Mr Donald McGauchie AO, today announced that Managing
    Director and Chief Executive Doug Rathbone had stepped down and that a global
    search for his replacement had commenced.
    
    Mr McGauchie said the Group Executive for Commercial Operations, Greg Hunt,
    had been appointed Chief Operating Officer and would be Acting Chief
    Executive.
    
    Mr McGauchie also announced that the management team at Nufarm would pursue a
    $100 million cost-reduction and continuous improvement program that had been
    in planning since late last year, coupled with a separate program to
    aggressively reduce working capital to meet the company's target of 40%
    average net working capital to sales by the end of the 2016 financial year.
    
    Mr McGauchie said: "Doug has shown an enormous commitment to Nufarm for the
    past 41 years, including his 15 years leading the company.  He has helped
    build Nufarm from a regional agrichemical business into a global leader in
    crop protection and specialty seeds.
    
    "Nufarm has strong growth prospects in both the crop protection and the
    specialist seeds businesses which, together with the cost-reduction and
    continuous improvement program and reduction in working capital requirements,
    point to a strong future for the company."
    
    "Doug believes that new leadership can bring a fresh perspective and energy
    to driving important change in the business. Doug and the Board have agreed
    that now is the right time to make a change to new leadership. We wish him
    all the best in his future endeavours."
    
    Mr Rathbone said he would leave Nufarm with the company on a sound financial
    footing, and the international operations and seeds businesses well
    established.
    
     "In recent years, Nufarm has expanded and diversified to protect against
    cyclical forces and the company is now on a growth path with our wonderful
    team of 3500 people around the world," Mr Rathbone said.  "I am very proud of
    what we have achieved at Nufarm and the time has now come for me to
    concentrate on some of my other passions."
    
    Mr McGauchie said Mr Rathbone will receive a termination benefit of
    $1,643,193 plus his statutory entitlements.
    
    ---ends---
    
    Further information: Robert Reis
       [email protected]
       * (61 3) 9282 1177
    End CA:00260316 For:NFF    Type:OFFICE     Time:2015-02-04 14:42:47
    
    				

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