Accounting AACo CEO Farley steps down.
In the attached article the write down of the value of the cattle is identified. Why might the company wish to write their value down and what effect might this have going forward? AACo CEO Farley steps down spectators Report Published on Business Spectator (http://www.businessspectator.com.au) AAP, with a staff reporter Australian Agricultural Company (AACo) chief executive officer David Farley will step down as head of the beef cattle producer after reported disagreements with the board. The Australian reported Mr Farley and the board had considerable differences about plans for irrigated cotton production on some of the group’s cattle stations before his abrupt departure. The resignation comes ahead of the company’s annual general meeting next month and has created speculation Mr Farley plans to run in the federal election, according to the The Australian . AACo’s chief financial officer Craig White has been appointed interim chief financial officer while the company searches for a permanent replacement. œAACo’s new CEO will require a different skill set to lead the company in its next stage of growth, AACo chairman Donald McGauchie said. Mr McGauchie also thanked Mr Farley for his nearly four years of work as CEO. The company made a loss of $46.5 million in the three months to March 31, due to a massive writedown on the value of its 676,000-head cattle herd. That writedown was brought about by low rainfall and the impact of a suspension of live exports, the company said at the time. AACo has been selling some of its rural properties, and is building an abattoir in Darwin to decrease its reliance on live cattle trade. Quick Summary: David Farley quits after reported disputes with board over cotton production. Associated image: Media: People: Craig White  David Farley  Donald Mcgauchie  Companies: AUSTRALIAN AGRICULTURAL COMPANY LIMITED  Status: Published Content Channel: Business Spectator  Source URL: AACo CEO Farley steps down steps-down Links