Nufarm, the Australian agricultural chemicals manufacturer, has appointed Donald McGauchie as chairman and called a halt to trading in its securities pending a material announcement.
McGauchie, a Nufarm director since 2003, "brings a thorough understanding of the agricultural sector and international business to the chairman's role and will provide experienced
board leadership at a time when the company is rebuilding its profitability and growth profile," said Nufarm managing director Doug Rathbone.
McGauchie replaces chairman and former executive Kerry Hoggard who resigned yesterday due to ill health.
Hoggard had been associated with Nufarm, previously Fernz Corporation, for 53 years and was Fernz managing director between 1987 and 1999, becoming Nufarm chairman in 2000.
"Kerry Hoggard's contribution to this company has been immense," Rathbone says.
"In both managerial and non-executive director roles he has provided strong leadership, sound advice, and staunch support."
Hoggard hit the headlines when he was Fletcher Challenge chairman in 1999 after he bought $635,000 worth of Fletcher Challenge shares the day before the company announced a major restructuring.
When the Securities Commission failed to take action against Hoggard for insider trading, former ACT MP and former Securities Commission member Stephen Franks, his wife Catherine and Business Rountable director Roger Kerr took legal action themselves and eventually reached an out-of-court settlement with Hoggard.
While Nufarm shares now trade only on the ASX, it has $251 million of debt listed on the NZX which last traded at 94 cents in the $1. Its shares last traded at A$5.24 (NZ$6.44).
The company has requested a trading halt for two days on the ASX.
