Graincorp CEO resigns
January 20, 2010
GrainCorp Limited (GNC) became the second high-profile company, after Lihir Gold, to lose its CEO in less than a week after announcing the immediate resignation Mark Irwin, who was also the company’s managing director. The compny said Mr Irwin would walk out the door with $750,000 in cash and share rights.
The grain handler said Ian Wilton, the current chief financial officer, would step in as interim CEO.
GrainCorp chairman Don Taylor said that Mr Irwin had made significant changes since he became Managing Director in March 2008.
”He successfully led the acquisition in November 2009 of United Malt Holdings and introduced a range of internal reforms,” Mr Taylor said.
”The board thanks him for his contribution to the company and wishes him well in his future career.”
At the same time Mr Taylor also reaffirmed the company’s guidance, provided just before Christmas.
At the time, the company’s shares slumped 7.4% in one day as it forecast a rise in EBITDA to between $180 million and $210 million, however this figure included over $100 million from the acquistion of GrainCorp Malt.
At the close Wednesday Graincorp shares were trading at $6.14.
The grain handler said Ian Wilton, the current chief financial officer, would step in as interim CEO.
GrainCorp chairman Don Taylor said that Mr Irwin had made significant changes since he became Managing Director in March 2008.
”He successfully led the acquisition in November 2009 of United Malt Holdings and introduced a range of internal reforms,” Mr Taylor said.
”The board thanks him for his contribution to the company and wishes him well in his future career.”
At the same time Mr Taylor also reaffirmed the company’s guidance, provided just before Christmas.
At the time, the company’s shares slumped 7.4% in one day as it forecast a rise in EBITDA to between $180 million and $210 million, however this figure included over $100 million from the acquistion of GrainCorp Malt.
At the close Wednesday Graincorp shares were trading at $6.14.
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