Allison continues to lead Elders with $1.5m pay cheque

Elders managing director and chief executive, Mark Allison, has successfully negotiated a fixed remuneration package of $1.5 million with bonuses after the company’s Board agreed he continue in his role.

Elders had been on the search for a replacement head but after “a comprehensive domestic and international search”, the Board decided Mr Allison’s experience and understanding of the company and the agricultural industry was worth the pay rise.

According to the ASX he’ll be entitled to cash retention bonuses of $500,000 if he stays beyond June 1, 2024, and a further $500,000 if he stays on after June 1, 2025.

Elders’ chair Ian Wilton said the company was “fortunate” to have been able to agree with Mr Allison on the deal and retain him in the role.

“This is an ideal outcome for Elders, its customers, employees and shareholders,” Mr Wilton said.

“Mark’s deep experience and understanding of Elders and agriculture both domestically and globally makes his continued service ideal for Elders.”

He said that the current chief executive succession program will continue to focus on the development of suitable candidates.

Mr Allison said he was delighted to continue in his role with the company.

“While I had been intending to retire from Elders, it was never my intention to cease serving the interests of Australian agriculture, and this country’s farmers, after my departure,” Mr Allison said.

“As a result, I was very pleased to accept the Board’s invitation to continue in my role and am energised by the prospect of building on the hard work we have already done at Elders during my tenure.”

Mr Allison, who has been in the role since 2014, said that the Board will continue to work with him to develop the strong pipeline of talent in Elders’ senior leadership team.

Elders has also advised the resignation of Matthew Quinn as non-executive director of the company with effect from June 4, 2023.