Kevin Martin, chief financial officer (CFO) of Nufarm, an Australian farm chemicals firm, is to leave following an improvement in the firm’s financial position after a tumultuous year.
Nufarm, one-fifth owned by Japan’s Sumitomo Chemical, has previously come under pressure from a string of profit warnings, badly timed equity raising, a cut in its credit rating to junk status and a debt blowout which knocked its shares down 50% last year.
Nufarm said Martin, its CFO since 1994, will step down in March and general manager for finance, Mark Keating, will be the interim CFO.
“Martin indicated that work undertaken over the past 12 months to stabilise the financial position of the company provides an appropriate opportunity for him to step away from the business,” Nufarm said in a statement.
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