GrainCorp reaffirms guidance, chief resigns January 21, 2010 - 9:16AM
Grain handler Graincorp chief executive Mark Irwin has resigned, with immediate effect.
GrainCorp said this morning it has appointed chief financial officer Ian Wilton to act as interim CEO while it conducts and international search for a replacement.
In a statement announcing Mr Irwins departure, GrainCorp also reaffirmed its most recent guidance, provided to the market on December 22.
That guidance predicted earnings before interest, tax, depreciation and amortisation in fiscal 2010 in the range of $180 million to $210 million, and grain receivals of seven to 8.5 million tonnes.
GrainCorp gave no reason for Mr Irwins resignation.
Mr Irwin had been GrainCorp CEO for less than two years.
GrainCorp chairman Don Taylor said Mr Irwin had driven significant change within 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.
Mr Irwin thanked Graincorps staff and board.
Together with the balance sheet initiatives of mid-2009 and the United Malt Holdings acquisition in November 2009, we have transformed GrainCorp into an international agribusiness, he said.
Mr Irwins separation package comprises a cash component and a component of discretionary short term incentive payments and accelerated vesting of a proportion of retention and performance share rights, with an aggregate value of $750,000, the company said.
Mr Taylor said Mr Wilton, who joined GrainCorp in June, 2009, had played an important role in the acquisition of United Malt Holdings.
He had extensive international and Australian agribusiness and grains industry experience.
Mr Taylor said Mr Wilton has assumed all relevant responsibilities, and would host the GrainCorp Investor and Analyst day at Geelong on February 3.
Mr Taylor said the GrainCorp board would immediately commence an international search for a new managing director and chief executive.
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