The Board of Wellard Limited (Wellard, ASX:WLD) announces that current Non-Executive Director, Fred Troncone, has been appointed ‘Executive Director – Operations’. Mr Troncone will assume management responsibility for all of Wellard’s day to day operational matters.
“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. I will devote more time to strategic planning and the development of growth initiatives,” Wellard CEO and Managing Director Mauro Balzarini said.
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. 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.”
The Board has structured Mr Troncone’s remuneration with a significant ‘at risk’ component. Short-term and long-term incentives are subject to the achievement of performance targets, and will only be earned if Mr Troncone delivers real value for shareholders.
Details of Mr Troncone’s Executive Service Agreement are attached to this announcement. In effecting this management restructure, Wellard has charged CEO and Managing Director Mr Balzarini with responsibility for strategic planning and development of growth initiatives
for the Wellard business, and assisting with the effective transition of the operational responsibility to Mr Troncone.
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. Mr Balzarini’s restraint period has 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.
For further information:
FTI Consulting, Cameron Morse
Phone: + 61 8 9485 8888
Mobile: + 61 (0) 433 886 871