Doug Rathbone, chief executive and managing director of crop protection group, Nufarm, has stepped down, and the group is reportedly searching for his replacement according to chairman, Don McGauchie. Greg Hunt, the group’s executive for commercial operations has been appointed chief operating officer, and will act as interim chief executive officer. Mr. Rathbone has led the company for 15 years, being appointed the managing director of Nufarm Australia in 1982, and managing director of Nufarm Limited in 1999. Mr. Rathbone currently owns 1.3% of the group, down from 18% ten years ago, having sold $200 million in Nufarm stock since 2008, including $31 million in stock last year to secure his family wine business which was under pressure from its financier, ANZ Bank. Over the past two years drought has hit Nufarm’s earnings, and last September the group posted a 53% drop in full-year statutory profit after tax to $37.7 million due to restructuring charges incurred from the group’s overhauling of its Australia and New Zealand businesses. The company took additional hits when it lost a 10-year distribution agreement with BASF, and the rights to distribute Monsanto’s RoundUp brand of weedkillers.
To receive relevant news stories with summaries provided by GAI Research & Insight, subscribe to Global AgDevelopments, our free weekly enhanced eNews service