Former Wellard Rural Exports chief executive officer Fred Troncone has returned to the now publicly listed livestock exporting company in a new executive operational role, Wellard Limited announced today.
Mr Troncone, who is a current Non-Executive Director on the Wellard Ltd board, has been appointed Executive Director – Operations.
Mr Troncone will assume management responsibility for Wellard’s day to day operational matters, Wellard Limited CEO and Managing Director Mauro Balzarini said in a statement.
“Wellard has been taking steps to improve its operations and performance, which Mr Troncone will continue to drive through his management of day-to-day operations of the business,” Mr Balzarini said.
:I will devote more time to strategic planning and the development of growth initiatives.”
Mr Troncone was formerly CEO of Wellard’s wholly-owned Wellard Rural Exports business from 2011 to 2015, and was general manager of the Company’s South-East Asia business from 2009 to 2010.
Wellard’s statement said Mr Troncone has extensive live export experience and has worked as a consultant in a range of industries, with a focus on digital strategies, organisational change and business transformation to positively leverage market conditions and business opportunities.
His international business credentials include business in Australia, South-East Asia, China, the Middle East, Europe and Russia. Mr Troncone is an AICD graduate and holds a degree in Business Information Systems and a Masters of Business Administration.
Wellard Non-Executive Chairman David Griffiths said: “The Board is pleased that we can bring Fred Troncone’s specialised experience and his successful operational history in our industry to assist Wellard as it addresses the industry conditions and financial circumstances the Company has faced in recent times and positions itself for future growth as conditions improve.”
Details of Mr Troncone’s remuneration agreement shared in the statement include a Base Salary of $682,850 per annum, including superannuation, and Director’s Fees $100,000 per annum, inclusive of superannuation. with a significant ‘at risk’ component. He may also earn an additional $300,000 if various short term performance indicators are met, and will be entitled to receive 5,600,000 zero exercise price options over new shares in the Company if long term invenstives are achieved.
Mr Balzarini’s Executive Service Agreement has been varied such that his employment with the Company shall continue until at least the later of 31 December 2017 and the Company having satisfactorily reshaped its banking arrangements with shipping finance provider, Intesa.
The statement said Mr Balzarini’s restraint period had also been adjusted to end on the date that is the later of 21 September 2018 or when he ceases to be an employee or a director of the Company. The Company has removed the option for 12 months gardening leave. The other material terms of Mr Balzarini’s Executive Service Agreement remain in place.
“The Board believes that this strengthening of the management team will accelerate the improvement in the operating efficiency of the Company as well as adding to its marketing and management capabilities.”
Meanwhile Wellard has also released its full audited FY 2017 results today for the year ended 30 June 2017 (FY2017).
The audited accounts confirm a Net Loss After Tax of $75.3 million (or $62.2 million before the impairment of the MV Ocean Outback) and Gross Profit of $27.6 million, the same financial results contained in the Company’s preliminary final report that was released on 31 August 2017.