Experienced business executive and chairman of Papua New Guinea resources company, Oil Search, Rick Lee, will lead agribusiness services company, Ruralco, replacing long-serving chairman, Richard England.
Mr Lee, a Rhodes Scholar who studied chemical engineering, but turned to investment banking with Rothschild Australia until 2001, is a former deputy chairman of stockfeed business, Ridley Corporation and former chairman of catalogue advertising firm Salmat.
He has also served on the boards of CSR Sugar, Wesfarmers General Insurance and the Australian Rugby Union.
He is currently also a director of Newcrest Mining.
Mr Lee described Ruralco as a significant agribusiness and it was a privilege to become its chairman.
“I am interested in the significant growth potential for agribusiness generally in Australia and where these opportunities best lie for Ruralco and its shareholders,” he said.
“It is a company with daily relevance to families and farmers in regional Australia through an extensive network of local businesses and brands that support Australian primary industry.”
In February, outgoing chairman Mr England flagged his plans to step down after 14 years at the helm.
“I have been honoured to have had a meaningful role through the growth and transformation of the company, but believe it is the right time for me to have more flexibility to pursue other personal and business interests,” he said.
He said Mr Lee would bring a great wealth of knowledge and experience in industry and corporate life, along with a strong background in governance.
Ruralco directors have thanked Mr England for his contribution to the development and growth of the company, and welcomed Mr Lee to lead it through the next development phase.
Ruralco recently confirmed significant cost cutting, some business office rationalisation plans and redundancies as it restructured operations and dealt with tight margins in its live cattle export business.
The company foreshadowed a $15 million profit cut to its full-year results announcement in November.
Ruralco is expected to book a $4m full-year profit after second half losses.
