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AUSTRALIA'S GRAINCORP NAMES NEW CEO
Source: GrainCorp news release

GrainCorp today announced the appointment of Mark Palmquist as the company's Managing Director and CEO.

Mr Palmquist is currently the Executive Vice President and Chief Operating Officer, Ag Business at CHS, a leading global agribusiness, diversified in energy, grains and food. He oversees all CHS's international grain-related business units and has held several leadership roles in the food and agricultural industries over a 35 year career spanning North America, South America, Europe and Asia.

Mr Palmquist is scheduled to commence at GrainCorp on 1 October 2014, and will be relocating from Minnesota, USA, following his departure from CHS on 31 August 2014.

GrainCorp Executive Chairman and interim CEO, Don Taylor said GrainCorp's Board was pleased to announce the appointment of Mr Palmquist following an extensive international search.

"GrainCorp's Board is delighted to have secured a candidate of such high calibre and international standing," Mr Taylor said.

"We are confident that Mark's skills and extensive experience will be invaluable to the ongoing growth of GrainCorp as a global agribusiness and food ingredients company. The company remains focused on building shareholder returns through the program of strategic initiatives we have been implementing since 2012.

"Mark brings a valuable combination of deep industry knowledge and global management experience to GrainCorp. We are all excited about working with him as he leads GrainCorp into its next phase of growth, enhances our customer offering and grows value for our investors."

Mr Palmquist said: "I have worked around the world and GrainCorp is by any measure an outstanding company. GrainCorp's board, management team and people have transformed the company into a leading agribusiness with a strong international reputation. It is a privilege to be joining the company at such an exciting time."

Mr Palmquist will be assisted in terms of handover by Mr Taylor from commencement, following which Mr Taylor will resume his role as non-executive Chairman.

GrainCorp's board expressed its appreciation to Mr Taylor for his strong commitment to the company during his period as interim CEO, noting in particular the substantial progress on the regeneration of the Storage & Logistics business, the optimisation of GrainCorp Oils' processing footprint and the growth of GrainCorp Liquid Terminals.


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