AUSTRALIA: Bonlac board shake-up, Sloan resigns from CEO post
Alex Sloan, CEO of Australian dairy concern Bonlac Foods, has resigned. The company revealed earlier today that Sloan had decided to leave following the shareholders meeting in April that gave the green light to an alliance with the New Zealand Dairy Board (NZDB). It declined to give a more detailed reason for his departure, however.
Last month, Bonlac's farmer shareholders voted to allow the NZDB to take a 25% stake in the Melbourne-based company, after a cash injection of A$260m. This strategic alliance was completed yesterday when three NZDB-appointed directors joined the Bonlac board.
The two companies also plan to merge their consumer products operations in a 50:50 joint venture called ConsumerCo.
Sloan had successfully led Bonlac through the alliance with NZDB, and has previously conducted the sale of its beverage division. He will continue to head the company until a replacement is found. After leaving the post he will become a director of ConsumerCo and stay on as a director of Bonlac.
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