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NZ Farming Systems CEO to depart

NZ Farming Systems CEO to depart

Dec. 13 (BusinessDesk) - NZ Farming Systems Uruguay says chief executive Alastair de Raadt will leave the company when his contract expires on Jan. 31 next year.

De Raadt who was already based in Uruguay, was appointed in September. “Alastair stepped in at very short notice when PGG Wrightson still held a management contract and there was a takeover offer in process,” said chairman John Parker.

“His appointment could therefore only be short term but we would have welcomed him staying.”

NZS is now 78% owned by Singapore-based Olam International following the success of its partial offer.

Parker says de Raadt did “a very good job” on internalising management following the takeover and has ensured systems and people in place can manage adequately until a successor is appointed.

NZS shares ended last week at 58 cents, well below Olam's 70 cents per share offer.

(BusinessDesk)

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