Elders shares tumble despite one of its best ever years, so what happened?

Most would have thought the company's November announcement of a nine per cent lift in profits to $162.9 million for 2021-2022 would have shot share prices upwards and not downwards.

Close to $450 million was wiped off the value of this company, one of Australia's biggest and oldest agribusiness services firms.

Its share price dived almost 23 per cent, or $3, and has still to recover.

Yet the company is broadly seen to be in terrific shape.

Making profits, paying dividends, buying a 11.3pc per cent stake in New Zealand agribusiness firm PGGW for $35 million.

Most analysts say the fault lies purely with the announcement that managing director Mark Allison is set to leave in 2023.

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Mr Allison has been credited with turning the company's fortunes around after the global financial crisis.

Former CEO Malcolm Jackman resigned in 2013 with Mr Allison his board chairman at the time.

He had initially been an Elders board director from 2009, then took the chairman's seat in 2013

After a long search Mr Allison was appointed chief executive officer and managing director of Elders in 2014.

Elders had been weighed down by huge debts, big losses and sold off many businesses to focus on its agricultural core.

Since then, Elders has steadily climbed back into the black.

The profit announcement in November included the news of Mr Allison's impending retirement from the CEO's role "before, or on, November 14" this year.

'It has been an honour to lead Elders to where it is today, thriving as a pureplay agribusiness, integral to rural communities, employing the next generation of agricultural professionals, and delivering value to its shareholders," Mr Allison told shareholders.

Mr Allison has himself said the share market reaction to his eventual retirement was a "gross overreaction".

Interestingly, Mr Allison is listed in the company's annual report as one of Elder's top 10 biggest shareholders with 955,293 shares.

According to company announcements to the ASX, he now has 1,152,124 ordinary shares.

The news of his leaving which most believed caused by the share price fall would have cost him personally almost $3m.

Elders is one of many big Australia agribusiness companies looking for new leaders in 2023.

According to the financial market, Elders needs to find someone as good for shareholders as Mr Allison has been.