Rathbone Out at Nufarm; Company to Make $100 Million in Cost Reductions
4 February 2015 Managing Director and Chief Executive Doug Rathbone has stepped down from his role, and the company has begun a global search for his replacement. Group Executive for Commercial Operations, Greg Hunt, has been appointed chief operating officer and will serve as the acting chief executive, as the search goes on.
“Doug has shown an enormous commitment to Nufarm for the past 41 years, including his 15 years leading the company,” said Nufarm’s chairman, Donald McGauchie AO. “He has helped build Nufarm from a regional agrichemical business into a global leader in crop protection and specialty seeds. Nufarm has strong growth prospects in both the crop protection and the specialist seeds businesses which, together with the cost-reduction and continuous improvement program and reduction in working capital requirements, point to a strong future for the company.”
In addition, McGauchie announced the management team at Nufarm would pursue a $100 million cost reduction and continuous improvement program that had been in planning since late last year, coupled with a separate program to aggressively reduce working capital to meet the company’s target of 40% average net working capital to sales by the end of the 2016 financial year.
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