CEO David Bondfield will step aside as part of the succession plan for Palgrove.
Palgrove, established by the Bondfield family, is now one of the largest seedstock and commercial producers in Australia, with significant land assets across Queensland and NSW.
The Bondfields commitment to see the organisation continue to grow has led to David and Prue deciding to step back from daily operations, with both to remain as directors of the Palgrove company.
Mr Bondfield said well-planned business succession was critical to the success of an innovative enterprise like Palgrove.
“Our generationally proven genetics will continue to play a key role in the future growth – this is just the next step in that process,” he said.
“For our seedstock clients, it’s business as usual, with Ben Noller, Genetics and Business Development Manager, now well established at Palgrove to drive the breeding and sales program into the future.”
Mr Bondfield will retain his governance responsibilities and remain as chief executive officer until the vacancy is filled and will continue to provide advisory support to the business.
He said a partnership formed in 2017 with the New Zealand Superannuation Fund gave the Palgrove business the capacity to grow cattle numbers to meet increasing demand, and to leverage their quality genetics into Palgrove’s own premium commercial beef production systems.
NZSF portfolio manager Neil Woods said their confidence in the Palgrove business and the Australian beef sector remained strong and looked forward to continuing to invest in growing the business.
Mr Bondfield confirmed his support of the Palgrove management team and staff as he transitions to a governance role, and is confident in their capacity and commitment to drive the business forward.
The Bondfields speak highly of their partnership with NZSF, saying the family farming/corporate joint venture has created a highly efficient model for the business to achieve its production and growth strategies.
“Continuing to build scale has been a challenge during the drought, but we see enormous opportunity for the business to meet its growth objectives in 2020,” Mr Bondfield said.
Palgrove Management Pty Ltd Board chair Leith Boully said David and Prue had built a successful livestock business by focusing on quality livestock, property management, staff relationships, and by responding to their clients’ needs.
“The value David has created around relationships is a key element to the success of Palgrove, and the Board wants to build on what he has done by introducing a new CEO with similar personal qualities and commitment to clients,” Ms Boully said.
“Fortunately, we are not losing his knowledge, insight and relationships.
“A recruitment process is now underway through Rimfire Resources to appoint a new CEO who will lead the Palgrove business into its next phase of expansion.”