Elders supremo Mark Allison is making the switch from chairman to chief executive of the struggling agribusiness.
Hutch Ranck has been elected independent non-executive chairman by the board, while James Jackson will take on the role of deputy chairman.
Elders endured a horror year in 2013, with a $505.2 million loss and has been undergoing a major restructure.
Mr Allison previously has headed companies including Grain Growers Limited, Wesfarmers Landmark and Crop Care Australasia.
Mr Ranck said Mr Allison’s experience as the head of several successful rural businesses were crucial attributes now Elders was operating as a pure agribusiness.
“Mark has proven experience in driving organisation-wide improvement across key areas such as safety, operational performance and capital management and this aligns with the priorities the Elders board set out to shareholders at the 2013 AGM,” Mr Ranck said on Wednesday.
Mr Allison’s total remuneration will be $820,000. He will also be eligible for short- and long-term incentives.
Mr Allison said he aimed to strengthen and expand Elders’ domestic retail, agency and financial service products and international operations.
“We’ll also continue to pursue our capital management and balance sheet improvement objectives,” he said.
“I am mindful that Elders’ staff, clients, securityholders, suppliers and financiers have been through significant change and challenging times in recent years, but I am very encouraged by the progress we are now making towards our goals.”
Elders’ shares were half a cent weaker at 10.5 cents at 1056 AEST.
Mr Allison became chair at Elders in June 2013.
He began overseeing the executive committee last November after the retirement of chief executive Malcolm Jackman.