Troncone’s new role
A Wellard non-executive director has been pulled back into the live export business to take over responsibility for its day-to-day operations from founder and chief executive Mauro Balzarini.
The appointment of former Wellard senior manager Fred Troncone as executive director of operations puts him in pole position to succeed Mr Balzarini, who could step down from Wellard as early as December 31.
Wellard, which has battled a savage market downturn since floating to the stock market in late-2015, said Mr Troncone’s appointment would allow Mr Balzarini to focus on strategy and growth.
Mr Balzarini will stay with Wellard until the latter of either December 31 or a restructuring of its shipping finance.
Mr Troncone ran Wellard Rural Exports business until 2015 and more recently was appointed to the board of Wellard. The company said he boasted extensive live export experience and had worked as a consultant in a range of industries with a focus on digital strategies, organisational change and business transformation.
Mr Troncone will earn up to $1.08 million a year in salary, directors fees and cash bonuses, subject to hitting his performance target, and be eligible for Wellard’s long-term executive rewards scheme.