Doug Rathbone, chief
executive and managing director of agricultural products company Nufarm, has
stepped down from the leadership of the company he has run for 15 years.
The Land reported yesterday that it
was predicted before the event that Rathbone would depart, after Nufarm shares
were put on a trading halt.
executive Greg Hunt will be the acting CEO as the company begins a global
search for Rathbone’s replacement.
Rathbone received a $1,643,193
termination payment, plus statutory entitlements.
“Doug believes that new
leadership can bring a fresh perspective and energy to driving important change
in the business,” News Corp reports Nufarm’s chairman Donald McGauchie as saying.
Rathbone has previously
owned a stake as high as 18 per cent of the company, though has sold this down
to about 1.3 per cent.
McGauchie told the ASX that
Nufarm would begin a $100 million costs savings program, with had been planned
since 2014, but did not give any details about what this would involve.
It was not said if jobs
were likely to be cut to reduce the company’s costs.
According to AAP, the crop
protection chemicals and seed products firm employs about 3,500 worldwide.
Image: Seth Perlman/Associated Press