Wellard names interim executive as Troncone, Braithwaite depart

03/08/2018 - 15:01

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Livestock exporter Wellard has appointed current chairman John Klepec as interim executive chairman, after executive director of operations Fred Troncone resigned.

Wellard names interim executive as Troncone, Braithwaite depart
John Klepec is Wellard's interim executive chairman.

Livestock exporter Wellard has appointed current chairman and non-executive director John Klepec as interim executive chairman, after executive director of operations Fred Troncone resigned.

In addition, chief business development officer Scot Braithwaite will depart at the end of October.

Mr Klepec will oversee the company’s day-to-day operations until the end of the year, and receive fees of $31,000 per month on top of his current annual salary of $235,000.

Prior to joining the company in 2016, Mr Klepec was chief development officer of Hancock Prospecting for six years.

In a statement, Wellard said Mr Klepec would work with chief executive Mauro Balzarini to rebuild the company’s balance sheet and manage its strategic refocus.

Wellard said it planned to release its financial results during the second half of this month, and was optimistic about its future livestock exports.

“With cattle prices in Australia stabilising at lower, more attractive levels, the company is receiving increased interest from South-East Asian markets and is looking at regaining market dominance in this core trade,” the statement said.

The company said it would focus its charter operations on the South American cattle export market to Europe.

Wellard announced it had exported its first-ever shipment of cattle from Uruguay to China with a 99.9 per cent success rate.

“When we released our financial results for the first half of FY2018, Wellard provided a detailed outlook for the remaining six months of the financial year,” Mr Klepec said of the shipment.

There have been no material changes between the outlook and the trading conditions that occurred in that time.”

The company has only conducted a handful of live sheep exports to the Middle East in the past few years and said it would continue to distance itself from the industry.

Wellard also announced it would consider offers for the potential sale of its MV Ocean Drover, due to tighter shipping regulations in Australia as result of revelations about the live sheep export trade.

Wellard’s shares were flat at 10 cents each at the close of trade.

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