Sector News

Murray Goulburn piecing back boardroom

June 14, 2016
Food & Drink

Murray Goulburn is slowly putting back the pieces of its broken executive team, announcing the appointment of Alan Tilley to the role of interim chief financial offer.

The moves comes in the wake of several high-profile exits through April and May, as a second major profit downgrade and a stunning retrospective farmgate price cut led to the resignations of chief executive Gary Helou, the firm’s CFO and three directors.

Mr Tilley will join Murray Goulburn on June 14, shifting across from a seven-year role as CFO at insurer NRMA Motoring and Services Group.

He will replace Brad Hingle, who stepped down on April 27 after the second profit revision in three months. The changes to forecasts left investors staring down a likely profit half of what they expected when they signed up for the IPO last year.

While the profit reductions were enough to cause a share price collapse, it was the reduction in farmgate milk prices that caused a storm of controversy the firm has yet been unable to shake amid talk of class actions.

The appointment comes as the remaining members of the board face intense pressure from farmer-shareholders to step down after refusing to divert profits to help farmers with higher prices.

The ASX-listed shares in Murray Goulburn have moved sharply below last year’s listing price of $2.10, plunging 34 per cent to $1.41 on the April announcement and trending lower ever since.

The firm’s shares traded flat at $1.135 at 11.30am (AEST).

By Daniel Palmer

Source: The Australian

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