North American accents will be hard to ignore in United Malt's Sydney boardroom, with the company flagging it is likely to appoint another American to replace retiring managing director, Mark Palmquist, in the next few months.
UMG's board has recently acquired a second US-based non-executive director and a third is set to join next month, and it is now concentrating on North America in its search for a successor to Mr Palmquist.
He leaves the world's fourth largest malting business by June 30 after more than three years at the helm, and prior to that, almost six as GrainCorp managing director.
Mr Palmquist originally moved from the US to take up the GrainCorp job in 2014 and returned stateside to United Malt's operational head office in Vancouver, Washington, when the global malt business was spun out from its Australian parent in 2020.
Chairman, Graham Bradley, told last week's United Malt Group annual general meeting his board was well progressed in its search for a new managing director, with its focus now being on North American candidates.
Face to face interviews start soon.
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About 60 per cent of UMG's business is based in the US and Canada where it operates five Great Western Malting and Canada Malt malt plants and the Country Malt Group brewing ingredients distribution network.
North Americans will hold four of the seven board positions if Mr Palmquist's successor is from the US or Canada.
A notable contributor to the search for a new managing director has been former Cargill Inc executive, Patrick Bowe, who took his board seat in September and was officially confirmed as a director after a shareholder vote at the AGM.
Mr Bowe, who joins fellow US-based board director and ex-Conagra Malt chief executive officer, Gary W Mize, is currently president of listed Ohio-based farm services, fertiliser and grain trading agribusiness, The Andersons Inc.
Another, Mary Clark, the North American CEO of natural ingredients supply business, Naturex Inc, will join UMG on March 1, boasting an extensive executive career in the food and beverage sector.
Mr Bradley told the meeting Mr Bowe's past experience with the malt industry and career connections with the US agribusiness processing sector enabled him to contribute a lot of background work to investigate potential candidates to succeed Mr Palmquist during the past four months, in addition to visiting UMG sites.
Multiple jobs
However, although unable to attend the AGM in person, his appointment drew some scrutiny from the Australian Shareholders Association, which was concerned how a NASDAQ-listed company CEO who also holds other board directorships roles, could afford to dedicate the time needed to understand and contribute to an Australian-based agribusiness.
Mr Bowe assured shareholders that while his CEO's job kept him active, he had juggled similar public company directorships in the past, and conveniently, much of his UMG board meeting times and deliberations with Australia took place at night in the US.
"I have been able to find the time and I'm comfortable I am able to handle the role," he said, adding he recently stood down from two positions with not-for-profit institutions in Toledo, Ohio, to give himself more time.
While the past few years' pandemic-related travel restrictions had limited travel opportunities to Australia, Mr Bradley anticipated the company's US-based directors would visit its Barrett Burston and Cryer Malt sites in Australia and meet customers and shareholders in the coming year.
Australia and New Zealand operations represent about 20pc of the UMG business.
Last week's AGM also elected Sydney accountant and Rabobank Australia director, Christine Feldmanis, to the board, where she is temporarily chairing the audit and risk committee.
Ms Feldmanis, also a director of Utilities of Australia, Bell Financial Group and Omni Bridgeway, is a NSW Southern Tablelands Wiltipoll sheep and beef producer in her spare time.
UMG's newest board recruits follow the retirement of former GrainCorp director for nine years, Barbara Gibson, who transferred to United Malt when the two business split, and Jane McAloon, who also joined in 2020.
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Andrew Marshall
Andrew Marshall is the group agribusiness writer for ACM's state agricultural weeklies and websites. He is a former editor at The Land and has worked in various Rural Press group roles in Canberra, North Richmond (NSW) and Toowoomba (Qld).
Andrew Marshall is the group agribusiness writer for ACM's state agricultural weeklies and websites. He is a former editor at The Land and has worked in various Rural Press group roles in Canberra, North Richmond (NSW) and Toowoomba (Qld).
