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Shares sink as PGGW's Tim Miles resigns

Rural News
Shares sink as PGGW's Tim Miles resigns
19th Oct 10, 12:08pm by Tony Chaston

As the biggest rural service provider in the country PGGW's performance is important in the rural community.

Their record over the last few years has not been good under Tim Miles leadership, and he needed to share that responsibility for that companies poor performance.

The huge change  in the senior management team shows that a change in style and direction is apparent.

His resignation heralds a different direction by this company and the rural community will be hopeful for positive results in the future.

PGG Wrightson managing director Tim Miles has stepped down after two-and-a-half years in charge of the rural services group, effective immediately. The shares sank 5.1 per cent to 56 cents. Chairman John Anderson said the company's new business model and direction meant the MD's role would change, and Miles agreed that it was "an appropriate time for a change."

The company will undergo a process to find a replacement, and senior management will work closely with Anderson and the board in the interim reports Stuff. Miles's departure means the Wrightson leadership team has undergone a rapid facelift leaving just one senior executive, who's based in South America, left over from Craig Norgate's tenure as chairman.

Heavyweight director Anderson was brought into the fold last year after the company was forced to raise $250 million to slash debt by installing Chinese seed and agricultural research company Agria as a cornerstone shareholder.

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