Agribusiness group Elders has embarked on a major U-turn, with Mark Allison to stay on as CEO.
Mr Allison has been CEO since 2014, and the company had signalled in November, 2022 he would be departing by late 2023.
Chairman Ian Wilton and his board conducted a global search for a new boss but couldn’t find anyone better.
Mr Allison has secured an annual pay rise and two ‘retention’ bonus payments of $500,000 for each of the next two years, along with free shares.
The board of agribusiness group Elders will keep long-serving chief executive Mark Allison in the top job after a global executive search could not find a superior candidate, in a surprise succession U-turn.
Chairman Ian Wilton said there had been a comprehensive search for a new CEO, but that had been put on “pause”, and a decision made to stick with Mr Allison so the company could resolve its leadership contest.
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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
