Elders Ltd (ASX: ELD) shares are on the slide on Thursday.
In morning trade, the ASX 200 stock is down 1% to $7.29.
Why is this ASX 200 stock falling?
Today's decline is likely to have been driven by a leadership update from the agribusiness company.
Current Elders CEO, Mark Allison, tried to resign in 2022 but a suitable replacement was not found. He then signalled that he would be willing to stay on until September 2026.
The good news for Allison and Elders is that a suitable replacement has finally been found.
According to the release, Elders has named Rene Dedoncker as its new CEO, commencing 1 October 2026. Allison will continue to lead Elders until Dedoncker's commencement.
Elders notes that Mr Dedoncker is coming over from Fonterra Group, where he has served for approximately 20 years. He held several senior executive roles, most recently CEO of Mainland Group. Prior to Fonterra, he held senior manager roles at Mars Corporation.
Commenting on the appointment, the ASX 200 stock's chair, Glenn Davis, said:
We are delighted to welcome Rene as our next CEO. He brings deep agricultural roots and outstanding leadership experience to Elders. He has proven expertise from his years with Fonterra and Mars, where he drove operational excellence and strategic growth on a global scale. The Board has great confidence in his ability to lead Elders into its next phase of success.
Davis highlights that the appointment followed a comprehensive international and domestic search process and "aligns with Elders' strategy to combine agribusiness expertise with operational excellence."
He notes that the new CEO's "strong strategic acumen, operational discipline and genuine passion for agriculture make him an excellent choice to lead Elders into the future."
Dedoncker appears up for the challenge of leading this ASX 200 stock. He said:
I am truly honoured that the Elders Board has placed its trust in me. Elders is an iconic name with a proud history in Australian agriculture, and I have long admired its commitment to farmers and rural communities. I look forward to working with the Board, Mark, and the entire Elders team to continue delivering value for our clients, shareholders and people. Together, we will build on Elders' strong foundations and drive its next stage of growth.
Outgoing CEO, Mark Allison, said:
This is the right time to hand over the leadership of Elders. The Board has chosen a strong successor in René who has my full support and endorsement. We have worked to position Elders for long-term success and I'm confident Rene will further that momentum. It has been a great privilege to serve as Managing Director and CEO of Elders – I'm incredibly proud of what our team has achieved, and I remain committed to supporting a smooth transition.
