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New faces at Elders

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Adelaide-based agribusiness Elders has added some new faces to its board while it still seeks a new managing director and CEO.

Its former CEO Malcolm Jackman took an early retirement last November after the company announced it had recorded another operating loss and retained debt of more than $255 million.

Today Elders advised the stock exchange it had appointed two additional non-executive directors, James Jackson and Ian Wilton, effective immediately.

Chairman Mark Allison said both Jackson and Wilton had extensive experience in the agriculture sector and strong financial management skills.

“James’ and Ian’s combined skill set is of high relevance to Elders as we drive operational performance and effective capital management to succeed as a pure agribusiness,” Allison said.

“Their appointment is in keeping with the commitment I made to shareholders at the company’s 2013 annual general meeting about adding to the depth of financial management and agricultural experience on the board.”

Jackson has more than 25 years’ experience in capital markets and agribusiness, both in Australia and overseas.

He held a senior vice president role with investment bank SG Warburg (now part of UBS) in New York and was a director of MSF Sugar Limited from 2004 to 2012, including being chairman from 2008.

Wilton is a certified practising accountant with senior executive experience across the agricultural sector. He has held chief financial officer positions with the sugar division of CSR Limited, Ridley Corporation and GrainCorp Limited and was president and chief executive officer of GrainCorp Malt.

“With new director appointments confirmed the Elders Board’s immediate focus will be to finalise the selection of a new Managing Director and CEO,” the company said.

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