Leading agribusiness company Ruralco today said its chief executive John Maher will step down immediately.
The surprise announcement to the ASX by the Ruralco board follows the announcement last Friday of the resignation of Ruralco Holding chief financial officer Ruth Martin.
In its statements to the ASX, Rural Holdings has given no reason for the resignations.
Maher led for almost nine years
Ruralco chairman Richard England said Mr Maher had led Ruralco for almost nine years and the company had achieved strong growth during his time with the business.
“The board wishes John every success in his future endeavours,” Mr England said.
In the same statement, Mr Maher said it had been a “real privilege working with the team at Ruralco.
“I am pleased to be leaving the business in good shape and set for continued strong growth, I wish everyone involved at Ruralco and their families the very best for the future.
Dillon to take over as acting CEO
Ruralco’s general manager of Rural Retail, Travis Dillon, will take over as acting CEO until a permanent appointment is made.
Ms Martin announced she was leaving Ruralco last Friday to take up a career opportunity in the health sector.
In Friday’s statement to the ASX, Mr England thanked Ms Martin for her valued contribution and extended his best wishes on behalf of the company to Ms Martin for the future. She will continue to work at Ruralco until July 10. Mr England said a process is now underway to fill the role.
Ruralco, which is due to announce its next six monthly results on May 18, said the business anticipates reporting net profit after tax (NPAT) in the vicinity of $9.5-$10.5m and underlying NPAT in the range of $10m-$11m, which it said “would be a strong result for the business.”
Source: ASX, Ruralco.