Agria executives leave abruptly

PGG Wrightson says the sudden departure of two key executives of its controlling shareholder, Agria Corporation, should not affect it.

Managing director George Gould said the company could not comment on Agria and its recruitment or the reverse.

‘‘But we are not aware that there is anything untoward in what has happened; it doesn’t necessarily affect PGW,’’ Mr Gould said.

Agria is a small entrepreneurial Chinese investor that launched an audacious partial takeover bid for one of New Zealand’s leading agricultural services companies, PGW, late in 2010 and completed the partial takeover in April last year.

Agria chief executive Xie Tao and chief financial officer John Layburn submitted their resignations last Tuesday and left on Wednesday.

Mr Xie had been in the job since September 2009 and Mr Layburn had been acting chief financial officer from April last year and chief financial officer since September last year.

Both had worked for PricewaterhouseCoopers in China before joining Agria.

‘‘I can’t really give an insight into what is going on at Agria but I can say we don’t believe that will necessarily impact on us negatively at all,’’ Mr Gould said.

PGW is Agria’s biggest investment and it has a small seeds business in China as well.

Mr Xie, a PGW director, is not seeking re-election to PGW’s board at the annual meeting in November.

Agria chairman Alan Lai is a driving force behind Agria and is seeking reelection to the board of PGW.