December 2, 2013

GrainCorp announces resignation of Alison Watkins as Managing Director, CEO

Alison Watkins, GrainCorp's Managing Director & Chief Executive Officer had advised the Board of her intention to resign to pursue a new opportunity in the corporate sector.

"It is with great regret that the Board has accepted Alison's resignation, however we respect her decision to move on, particularly when a change of control in GrainCorp was broadly expected to occur over the coming weeks," Chairman Don Taylor said.

"The expectation in the investment community was that ADM's offer for GrainCorp would be approved and effected in the near term. In that context, it is not surprising that an executive of Alison's calibre has attracted interest and had new opportunities presented to her."

Watkins said that her decision had been enormously difficult and was made with great sadness.

Taylor said that an external and internal search for a replacement had commenced. He will assume a temporary role as Executive Chairman immediately and will be Acting CEO from mid-January 2014, filling these roles until the appointment of a new CEO. He and Watkins are working on a smooth transition through to Watkins' departure at the end of January 2014.

Taylor has served on the GrainCorp Board since 2003, was Executive Chairman of Grainco Australia Limited prior to its acquisition by GrainCorp and is qualified as a Chartered Accountant with extensive experience in the agricultural sector.