Costa Group chief to retire after 10 years at the top
COSTA Group chief executive Harry Debney is retiring after 10 years at the helm, ushering in a new era of leadership at the fruit and vegetable grower.
Mr Debney will step down in the next nine months and Costa will search internally and externally for his replacement, shareholders were told via the annual general meeting yesterday.
Mr Debney joined Costa in 2010 after eight years as chief executive for packaging giant Visy.
The news comes after the company in May lost chief financial officer Linda Kow, who left the company after 10 years.
Her replacement is Wayne Johnston, who most recently worked for Sigma Healthcare.
The business’ recovery from COVID-19 was a major theme of the meeting with shareholders yesterday after Costa in April withdrew calendar year earnings guidance.
Mr Debney said demand for Costa products from retailers in Australia — the grower’s main market — was solid. There was reduced demand at wholesale level due to restaurants and cafes being closed.
Overseas, staff have almost completed the berry harvest in China and Morocco despite health and safety difficulties, with good yields in both countries.
The production of citrus fruit in Australia will be a big factor in the company’s futures for the remainder of the year.
Shares in the company closed eight cents lower yesterday at $3.22, a drop of 2.42 per cent.
However, they have gained more than 28 per cent since January 1.