Australia-based rice supplier Ricegrowers is to see Rob Gordon step down as CEO in August.
Gordon has been at the helm of the SunRice brand owner since February 2012, a period in which the business has listed on the Australian Securities Exchange.
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The announcement came alongside the publication of Ricegrowers’ first-half results, which included higher revenue and profits.
Gordon described the company as “a global food group and one of Australia’s leading branded food exporters.”
He added: “It is the appropriate time now for a new CEO to be transitioned into the role and to lead the group into its next phase of growth and innovation. My plan is to redirect my passion and energy into my other interests and enjoy spending more time with my family.”
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Chairman Laurie Arthur said during Gordon’s tenure the business had “delivered total shareholder returns of over 400%, including dividends and share price growth, compared to approximately 150% across the ASX 300”.
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By GlobalDataHe added: “The board has maintained an ongoing focus on succession planning during recent years to ensure we have the appropriate leadership structure, senior management skills and capabilities in place to support a new CEO. This planning and the ample notice provided by Rob will enable the effective transition to the best possible successor at a time when SunRice is well positioned to enter its next phase of growth.”
In the first half of Ricegrowers’ financial year, its revenue rose 34% to AUD758m (US$482.7m), helped by a larger crop year on year, which supported “strong sales volumes in premium markets both domestically and internationally”.
The company, also known as SunRice Group, also pointed to efforts to up prices.
Net profit after tax grew 17% to AUD19.6m.
