Animal feed producer Ridley Corporation has announced the departure of its managing director and chief executive Tim Hart, while separately advising full-year profit will fall short of analysts’ forecasts.
The company said on Friday its board had decided it was “the right time for a leadership change”, with Mr Hart having been in the role for more than six years.
Ridley did not further detail the circumstances surrounding Mr Hart’s departure.
The company has been contacted for comment.
Mr Hart will be replaced by non-executive Ridley director David Lord – who also chairs the company’s remuneration and nominations committees – on an interim basis until a permanent successor is found.
In a separate release to the ASX, the company said it is anticipating full-year net profit of between $22 million and $24 million, missing analyst consensus forecast of $25 million.
Shares in the company fell 4.49 per cent to $1.17 by 1045 AEST following the dual announcements.
Ridley’s stock hit a four-year low of $1.13 this month and the company has lost more than 15 per cent of its value since January 2018.