News: GNC UPDATE 1-Australia's GrainCorp ropes in next CEO from NZ's Fonterra

(Adds chairman comment, background)

Dec 11 (Reuters) - Australian bulk grain handler GrainCorp Ltd (GNC) on Wednesday announced the appointment of Robert Spurway as chief executive of the firm, following the demerger of its malt business.

GrainCorp is in the process separating its malting division from its core grain processing division, as it seeks to create two agribusiness companies with more attractive prospects.

Spurway is currently the chief operation officer for global operations at New Zealand-based diary giant Fonterra Co-operative Group (FCG) , where he has held the role since 2014.

"Robert has led complex operational businesses and overseen transformational change programmes which have delivered significant benefits for customers and shareholders," GrainCorp Chairman Graham Bradley said.

The company in November posted its biggest annual loss since 1998 and warned of an even weaker crop outlook for 2020, as a severe drought in the country has ravaged farms across the country's east coast and hit output.

Earlier this year, GrainCorp had said its current CEO Mark Palmquist will take over as chief executive of the malt business.

The demerger, which is pending shareholder and court approval, is expected to be implemented in the late-March or early-April 2020, the company said in a statement.