NewsBite

$475m wiped from Elders as CEO signals exit

Simon Evans

Shares in agribusiness and pastoral group Elders plummeted by 23 per cent on Monday after the company announced that long-serving chief executive Mark Allison will leave the role by this time next year, wiping $475 million from its sharemarket value.

Mr Allison, who has been at the helm since 2014, has engineered a strong turnaround at a company that almost went bust after the global financial crisis. But investors are now worried that a golden run of profit growth and capital discipline may be over, with consistent wet weather also injecting some uncertainty in the outlook for demand for crop chemicals and fertiliser.

Loading...
Simon Evans writes on business specialising in retail, manufacturing, beverages, mining and M&A. He is based in Adelaide. Connect with Simon on Twitter. Email Simon at simon.evans@afr.com

Read More

Latest In Agriculture

Fetching latest articles

Most Viewed In Companies

    Original URL: https://www.afr.com/companies/agriculture/475m-wiped-from-elders-as-ceo-signals-exit-20221111-p5bxj6