Namoi Cotton chief steps down

Australia’s biggest cotton producer in undergoing a strategic review as its chief executive steps down in the middle of a busy ginning season.

Namoi Cotton is in the midst of a busy ginning season. Picture: supplied.

Australia’s biggest cotton producer in undergoing a “strategic review” as its chief executive steps down in the middle of a busy ginning season.

ASX-listed Namoi Cotton announced on Thursday its chief executive John Stevenson would step down to “pursue other opportunities” and was due to exit the company the next day.

Namoi Cotton chair Tim Watson has taken over the reins as executive chair while the company searches for a new head.

In an announcement to the ASX, Namoi said it had appointed independent corporate adviser Blackpeak Capital to review its corporate strategy.

The move comes after months of steady decline in the company’s share price. Namoi was trading for $0.394 on Friday, down from a high of $0.558 in August last year.

The change will mark the third time in four years the company has sought a new chief executive.

Former Namoi Cotton chief executive John Stevenson. Picture: supplied.

Mr Stevenson took over from previous chief executive Michael Renahan in 2021.

It comes as a big ginning season gets underway for the company. Namoi is expecting to gin a total of 1.0-1.1 million bales this season, a slight increase on its forecast of 0.9 to 1.1 million bales.

Namoi Cotton is responsible for about one fifth of Australia’s total cotton production.

The Australian Bureau of Agricultural and Resource Economics and Sciences is forecasting total cotton production Australia-wide of 5.5 million bales this year, down from 5.6 million bales last year. Production in Queensland has increased 21 per cent, while NSW production has dropped 13 per cent.