NFF
05/05/2015 11:39
OFFICE
PRICE SENSITIVE
REL: 1139 HRS Nufarm Finance (NZ) Limited
OFFICE: NFF: Appointment of Managing Director & Chief Executive Officer
Nufarm Limited's Board of Directors today appointed Chief Operating Officer
and acting CEO Greg Hunt as the company's new Managing Director and Chief
Executive Officer. Mr. Hunt's appointment is effective immediately.
Nufarm's Chairman, Mr Donald McGauchie AO, said Mr Hunt was appointed
following a global search for a successor to long-time Managing Director and
CEO, Doug Rathbone, who stepped down from the role in early February. Mr
Hunt had been acting CEO since that time.
"After taking on the role in an interim capacity, Greg has demonstrated
strong leadership and progressed the company's ambitious program of change
and performance improvement," Mr McGauchie said.
"We remain on target to significantly strengthen our returns to shareholders
through targeted cost savings, more effective management of working capital,
and profitable growth. The Board has full confidence in Greg being able to
deliver on those objectives."
Mr Hunt said he was delighted to be confirmed in the CEO role.
"We have a very strong and valuable global footprint, a respected brand and a
motivated and talented group of people," Mr Hunt said.
"The changes we are now implementing will build on these important
foundations and it is a tremendous privilege to be given the opportunity to
lead the company through our next phase of growth."
Mr Hunt, 55, joined Nufarm in 2012. Before being appointed to the acting CEO
position, he was responsible for the company's global commercial operations.
He is a former managing director of Elders Rural Services and has worked with
global private equity firms focused on the agriculture sector. Mr Hunt is
also a non-executive director of Costa Group.
Key terms of Mr Hunt's employment contract are listed in Appendix A
(attached).
-- end --
Further information: Robert Reis
[email protected]
* +61 3 9282 1177
Appendix A
Summary of Key Terms of Employment Contract
Position: Managing Director and Chief Executive Officer
Commencement Date: 5 May 2015
Fixed Annual Remuneration: $1,200,000
Short Term Incentive (STI): Potential at target - 50% of Fixed Annual
Remuneration, subject to satisfaction of performance hurdles. 50% of any
award under the STI will be payable in cash at the end of a financial year
and 50% in deferred shares which will be subject to vesting in 2 years.
Long Term Incentive (LTI): Potential at target - 50% of Fixed Annual
Remuneration, subject to satisfaction of performance hurdles.
Notice Period: 6 months
Termination Payments: 12 months' Fixed Annual Remuneration, inclusive of
payment in lieu of any notice period not served.
Post-Employment Restraint: 12 months
End CA:00263905 For:NFF Type:OFFICE Time:2015-05-05 11:39:01
