![Management change in the wind at Paraway Pastoral Company. Photo Andrew Norris. Management change in the wind at Paraway Pastoral Company. Photo Andrew Norris.](/images/transform/v1/crop/frm/32XghFRykTWK8psrWNhdBMC/c1900c3f-8fab-499e-93e7-bc3d36a35e89.jpg/r253_183_1568_1029_w1200_h678_fmax.jpg)
Changes at the top of Macquarie Group's big agricultural business, Paraway Pastoral Company, will see long-standing chairman, Bruce Terry, and chief executive officer, Harvey Gaynor, step down next month.
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Mr Terry, who joined Paraway's board of directors when the investment bank launched the business in 2007, will be replaced as chairman by fellow director and former CEO, Jock Whittle.
Mr Gaynor will be succeeded by Stuart Johnston, who has been head of corporate development for the past four years.
Paraway Pastoral Company, headquartered in Orange in NSW, operates 30 agricultural enterprises across various climatic zones and geographies from the Queensland Gulf to southern Victoria, running 220,000 cattle and 250,000 sheep.
It also has dryland and irrigated cropping activities producing hay, silage and grain crops for its own use and sale.
Paraway is one of Australia's largest pastoral land owner-operators, with a combined landholding of more than 4.4 million hectares.
Mr Gaynor, who joined Paraway in 2020 having previously held leading roles with the then US family-owned Auscott for seven years and Rural Funds Management, notified the board of his plans to move at the end of the financial year.
"After four years leading the amazing team, I have decided now is the right time for me to step down, and am immensely proud of what we have accomplished together at Paraway," he said.
"The business is well-positioned to continue its trajectory as a reliable supplier of high-quality produce.
"I am very pleased Stuart has accepted the CEO's role.
"Given his expertise and a wealth of experience spanning more than 14-years with the business, he will be a trusted leader of the business."
![Outgoing Paraway Pastoral Company chief executive officer, Harvey Gaynor, with his successor, Stuart Johnston and incoming board chairman, Jock Whittle. Photo supplied. Outgoing Paraway Pastoral Company chief executive officer, Harvey Gaynor, with his successor, Stuart Johnston and incoming board chairman, Jock Whittle. Photo supplied.](/images/transform/v1/crop/frm/32XghFRykTWK8psrWNhdBMC/b9251877-630b-42e4-9f96-c07621fa6e3a.jpg/r968_457_3593_2124_w1200_h678_fmax.jpg)
A company statement acknowledged how Mr Gaynor's leadership had bolstered Paraway's operations with the establishment of a dedicated cropping business unit, commencement of an emissions reduction action plan, improved safety strategies and associated investment, and stronger ties within the industry.
Additionally, he had optimised the Paraway portfolio to improve production and sold off two of its properties to free up capital to reinvest in the business.
He had also steered the business through the challenges posed by the COVID-19 pandemic and the extreme weather events and market cycles of the past four years.
Former agribusiness banker, Mr Johnston has been with Paraway for more than 14 years, most recently responsible for executing the future of the business, working alongside Mr Gaynor to lead operational and on-farm teams.
He has a deep understanding of the agricultural sector, the drivers of on-farm performance and supporting structures required for business success.
After working across all facets of the Paraway business, he was delighted to take on the CEO's job and looked forward to building on the growth achieved to date "continuing to deliver the highest quality produce to our customers".
"On behalf of the Paraway team, I want to deeply thank Harvey for his leadership and the many important initiatives he has led during his tenure," Mr Johnston said.
Incoming chairman, Mr Whittle, paid tribute to the retiring Mr Terry, who has been a director of several Macquarie subsidiaries since 2005.
He had led the Paraway board since the company's inception when it made its first purchase, the historic Riverina Merino stud and pastoral property Pooginook.
"We sincerely thank him for his dedication to the business over nearly two decades, wishing him the very best in his future endeavours," Mr Whittle said.
"The dedication and hard work of Paraway's more than 250 people across all 30 of our stations around Australia, ensures the business continues to go from strength to strength.
"I am excited to be working alongside Stuart during our next phase under his leadership.
"The quality and diversity of Paraway's portfolio of properties allows us to explore how we can increase our role in meeting growing consumer demand for high quality and responsibly produced animal protein."