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Australian Agricultural Company Ltd shares jump on CEO appointment

Much to the relief of its shareholders, the Australian Agricultural Company Ltd (ASX: AAC) share price was one of the strongest performers on Wednesday.

The agricultural company’s shares finished the day 5% higher at $1.34. This has reduced its year-to-date decline to 20%.

What happened?

The market appears to have reacted very positively to Australian Agricultural Company announcing the appointment of its new CEO this morning.

According to the release, Mr Hugh Killen will join the company on February 1 2018 from Westpac Banking Corp (ASX: WBC) where he has been the Head of Fixed Income, Currency, and Commodities.

Shareholders appear optimistic that Mr Killen will help turnaround the company’s performance. In FY 2017 it posted a loss of $37.7 million, compared to a profit of $47.9 million a year earlier.

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Motley Fool contributor Motley Fool Staff has no position in any stocks mentioned. Motley Fool contributor James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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