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October 10, 2012
06:31 EDTGROAgria CEO Xie Tao, CFO John Layburn to resign
Agria announced that Xie Tao, CEO of the company, and John Layburn, CFO, have provided notices of resignation from their respective positions at the company in order to pursue other opportunities. A Selection Committee and a Transition Committee have been organized. Guanglin Lai, Chairman of the board of directors of the company, Wah Kwong Tsang, Chairman of the Audit Committee, and Sean Shao, Chairman of the Nominating Committee, will serve on both committees. The Selection Committee will work with a global executive search firm to identify suitably qualified candidates to fill these positions, while the Transition Committee will exercise oversight over the company's business operations during the management transition process. Both Xie and Layburn have expressed their willingness and intention to assist the Transition Committee to ensure an orderly transition. In the interim, Jerry Mao, Agria's Finance Controller, will manage the company's financial matters under the oversight of the Transition Committee and will report to the Board on all financial matters. Prior to joining Agria, Mao was the regional finance and planning manager of the Asia-Pacific division of a global chemicals company and worked for Deloitte & Touche as an auditor for five years. The company has started the process to seek a proven leader with the industry experience and track record needed to help leverage their strong existing asset base and capabilities to drive the next phase of the growth strategy.
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