Just months after returning to the big livestock export business as an independent board director, former Wellard boss, Fred Troncone, has been signed up as a paid executive staffer on a $682,850 salary.
Mr Troncone is to become executive director for operations in a move designed to allow managing director, Mauro Balzarini, to dedicate time to strategic growth development.
He continues to receive a $100,000 director’s fee, and will receive a short term incentive bonus of up to $300,000 for achieving various financial and other key performance indicators set for the financial year.
Mr Troncone has been a Wellard Limited director since returning to the troubled shipping and livestock marketing company in June.
He previously was chief executive officer of the privately-owned West Australian-based Wellard Rural Exports from 2011 to 2015, departing prior to its public float (and name change) two years ago.
His experience with the livestock exporter also included being general manager of its South East Asia business in 2009 and 2010.
“Wellard has been taking steps to improve its operations and performance, which Mr Troncone will continue to drive through his management of day to day operations,” said Mr Balzarini.
“I will devote more time to strategic planning and the development of growth initiatives.”
Wellard chairman, David Griffiths, said the company was pleased to bring Mr Troncone’s specialised experience and successful operational history back to the live export industry to assist Wellard address tough industry conditions and financial circumstances currently being endured.
His experience includes consulting to a range of industries with a focus on digital strategies, organisational change and business transformation.
His international experience has stretched from Australian and Asia to the Middle East, Western Europe and Russia.
As part of the latest management changes, Wellard will see Mr Balzarini take more responsibility for strategic planning and development of growth initiatives.
The managing director’s employment agreement has been extended until at least December 31, based on the company satisfactorily reshaping its banking arrangements with shipping finance provider, Intesa.
His restraint period has also been adjusted to end by September 28 next year, although an option for a year’s “gardening leave” has been removed from his contract.