PGG Wrightson CFO Rob Woodgate quits

Rob Woodgate
PGG Wrightson 12-month price history (NZX.com)

Rob Woodgate has resigned as chief financial officer at PGG Wrightson [NZX: PGW], the rural services firm controlled by China's Agria Corp.

Woodgate will leave in November after more than five years, the majority of which was as chief financial officer, the Christchuch-based company said in a statement. The company said Woodgate is leaving to pursue other career options which it didn't detail, and it has yet to find a replacement.

"Rob joined PGW in April 2009 and stepped into a business considerably different to the one we have today," said chief executive Mark Dewdney. "Over this period he has worked closely with the board and management and been central to reshaping the financial position and strategy of the business. He has been part of a significant turnaround in fortunes for PGW."

Last month PGW said operating earnings before interest, tax, depreciation and amortisation was $58.7 million in the 12 months ended June 30, beating the guidance it gave in June and exceeding the $57 million forecast by Forsyth Barr. At the time the company refrained from giving guidance for the current year, saying it will wait until its annual meeting in October, given the volatility in dairy prices and the potential impact on customers. Still, it said the outlook for its core sheep, beef, arable, horticulture and viticulture markets "is positive" and the company plans to "put more emphasis on the dairy, water and agronomy sectors in New Zealand."

Shares of PGW fell 1.2 percent to 40 cents and have gained 3.5 percent since the start of the year.

(BusinessDesk)

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