January 21, 2010

GrainCorp managing director resigns

Mark Irwin has resigned as managing director of Australian-based agribusiness GrainCorp Ltd., effective immediately, with a separation package of A$750,000 (US$689,097).

Chief Financial Officer Ian Wilton has been appointed interim chief executive.

It was not clear from the company's statement why Irwin resigned.

The company's chairman, Don Taylor reaffirmed guidance provided on December 22, which had earnings before interest, tax, depreciation and amortisation this fiscal year ending September 30 in a range of A$180-A$210 million (US$165-US$193 million).