Graincorp Limited (ASX:GNC) CEO Alison Watkins will resign from her post just days after Treasurer Joe Hockey’s blocking of a $3.4 billion takeover offer from US company Archer Daniels Midland.
The company says Ms Watkins will depart at the end of January to pursue another opportunity in the corporate sector, having expected a change of control to occur over the coming weeks.
Ms Watkins says she had intended to leave the company when control was passed over to ADM, but in light of last week's unexpected developments it was best for her to depart now.
Chairman Don Taylor says both an external and internal search for a replacement has commenced, and he will temporarily assume the role of executive chairman, effective immediately.
Graincorp generated a net profit of $141 million in its 2013 financial year.
GNC Price at posting:
$8.49 Sentiment: None Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)