Elders has announced that after a comprehensive domestic and international search, the board of directors of Elders has agreed with Mark Allison that he continue in the role of managing director and chief executive officer.

Elders’ chair Ian Wilton said, “We are very fortunate that we have been able to agree with Mark that he will now not retire from Elders and secure his continued service.

“This is an ideal outcome for Elders, its customers, employees and shareholders. Mark’s deep experience and understanding of Elders and agriculture both domestically and globally makes his continued service ideal for Elders.”

Mr Wilton highlighted the importance of retaining Mr Allison’s experience and knowledge as the company continues its systems modernisation and supply chain rationalisation projects. He added that the current CEO succession program will continue to focus on the development of suitable candidates.

Mr Allison said, “I am delighted to continue in my role as managing director and CEO of Elders. While I had been intending to retire from Elders, it was never my intention to cease serving the interests of Australian agriculture, and this country’s farmers, after my departure.

“As a result, I was very pleased to accept the board’s invitation to continue in my role and am energised by the prospect of building on the hard work we have already done at Elders during my tenure.”

Mr Allison said the Board will continue to work with him to develop the strong pipeline of talent in Elders’ senior leadership team.

The terms of Mr Allison’s continued employment include an annual salary of $1.5 million and two additional cash retention of $500,000 cash if he remains employed by Elders on 1 June 2024, and a further $500,000 cash payment if he remains employed by Elders on 1 June 2025. Under Elders Long Term Incentive Plan, he would also be entitled to the vesting of 90,000 share rights on each of these anniversaries, subject to approval of shareholders at Elders’ 2023 AGM.