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On 7 March 2019, Namoi Cotton Limited (ASX:NAM) stated that the Board has accepted the resignation of Mr. Jeremy Callachor as Chief Executive Officer from the company, which will be effective from 8 March 2019. The Board expresses thanks to Jeremy for his significant contribution and services to Namoi Cotton over a considerably longer period.
The Chairman of the company Mr. Tim Watson on behalf of the Board thanked Jeremy for his services and leadership to the company and for the many key achievements during his tenure, which includes stabilizing the business over the 2012 financial year and the successful project to transform Namoi Cotton from a grower cooperative to a listed company on the ASX.Â
Mr. Callachor also mentioned that it is his privilege to be involved with Namoi Cotton over a period of twenty-six years. Namoi Cotton is an iconic Australian agribusiness. The company has grown with the growth in the cotton industry in Australia since its inception in 1962.
The company has enjoyed the highs associated with increased domestic cotton production and also survived many challenges associated with positioning quality Australian agricultural production into global markets. The change in the business over time is evident, and Callachor felt proud to be a part of this evolution including leading a turnaround of the business in 2011-12 and the Restructuring of the company in 2017.
Callachor said it is perfect timing for a new Chief Executive Officer to take the reins at Namoi Cotton in the next phase of its operations and development, and for him, it is time to focus on the next stage of his career. He thanked all the stakeholders involved in the business for their time and support over his career at Namoi Cotton and had lots of best wishes for the company in the future. Mr. Stuart Greenwood, Namoi Cottonâs Chief Financial Officer, has been appointed as Interim Acting CEO.
The Board of the company has started the process in order to replace the CEO with the appointment of an Executive Search Partner. Mr. Callachor will receive a retirement payment equal to thirty-eight weeks of the fixed compensation payable under his employment agreement. ss
On the price-performance front, the stock of Namoi Cotton Limited last traded at $0.400 with a market capitalisation of ~$57.06 million. The stock has generated a negative return of 11.11% and 2.44% over the last six- and three-months period respectively. However over the past month it as generated a return of 5.26%. It had a 52-week high price of $0.540 with an average trading volume of 34,410. The stock is trading at a PE multiple of 25.0x, with an EPS of A0.016.
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