Agriterra confidence in 'leaner, meaner' management team
Source - SMW
Agriterra has unveiled a raft of board and senior management changes and believes its new 'leaner, meaner' team will have a positive effect.
The AIM-listed African agricultural company has appointed Adelino Fernandes as group finance director - a non-board position - to oversee all operational accounting and finance functions.
Fernandes will report directly to the board, and will be based in Chimoio, Mozambique, the company's main operational centre.
Brendan Scott, who recently assumed the position of interim chief executive, will be stepping down from this position and as a director with effect from the end of February to take up a permanent position elsewhere.
George Naude, the company's long-standing chief operating officer (Mozambique), will assume additional responsibilities to ensure the continued operation of the company's businesses and Caroline Havers will continue to steer the company's corporate and commercial strategy from London in the new role of executive chairman while the board evaluates the need for additional executive appointments to further strengthen the core management team.
Havers said: 'I am delighted to welcome Adelino to the Agriterra team and I am confident that his experience, and presence on the ground at our operations in Mozambique, will support our focused growth strategy which is aimed at building Agriterra into a leading food producer in southern and East Africa.'
Havers added: 'In terms of our ongoing strategy, the focus of Agriterra will be on profitability, driven by aggressive cost cutting in corporate overheads and increased revenue generation in the maize meal and beef business.
'The business will be right-sized in its current operating environment before it can embark on any new projects.
'We believe that a leaner, meaner, focused management team driven by the board to generate cash and profits in 2018 will have a positive effect.'
At 8:33am: (LON:AGTA) Agriterra Ltd share price was 0p at 15.5p