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Graincorp appoints new CEO, share price drops

The Graincorp Ltd (ASX: GNC) share price has fallen 0.8% today after the grain business announced who its new CEO and managing director will be.

Graincorp’s Board has chosen Robert Spurway to be the new boss after the planned demerger of Graincorp’s malt business early next year.

He is currently employed at Fonterra Shareholders’ Fund (ASX: FSF) as the chief operating officer, global operations – he has held that position for six years. He had the responsibility of the business’ manufacturing and supply chain operations. 

Mr Spurway has over 25 years of experience in the food and dairy industries with senior operational roles at Fonterra and Goodman Fielder Australia, as well as CEO positions with Salad Fresh and Mrs Crocket’s Kitchen. 

Graincorp Chairman Graham Bradley said: “Robert has led complex operational businesses and overseen transformational change programmes which have delivered significant benefits for customers and shareholders. He has a deep understanding of the Australian and New Zealand agricultural industries, which will serve us well as we continue to evolve Graincorp’s strategy and customer offering.” 

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Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. 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 Scott Phillips.

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