Agribusiness and pastoral group Elders Ltd was established in 1839 and almost collapsed in 2008 as it groaned under $1.4 billion of debt.
CEO Mark Allison is bowing out after becoming CEO in 2014 under unusual circumstances when he swopped from being chairman of the board to running the business.
He says his eight-point plan has reduced the volatility of the earnings, but that ultimately Elders is in a cyclical industry.
The share price has dropped almost 45 per cent since mid-November. Chairman Ian Wilton says there’ll be an announcement on the CEO search in July.
Shares in agribusiness group Elders took a hefty tumble as investors were again reminded that agriculture is still very much a cyclical industry.
Chief executive Mark Allison, who is departing later in 2023, attributed much of the almost 13 per cent slide in Elders shares on Monday to the negative sentiment enveloping the agriculture sector.
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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
