Elders executives let go after 'discrepancies' discovered
JUST two weeks after letting 150 staff go, ailing rural giant Elders has lost seven key live export executives amid an investigation into "discrepancies" within the company's cattle export group.
A company statement revealed Elders' board and senior management had found "certain discrepancies and issues" related to the reporting and recognition of livestock values in the live export division.
While Elders' management did not believe the issues would materially affect the company's outlook, it confirmed it was investigating the matter.
The statement also showed seven senior employees in the same unit had left the company, but the investigation is not necessarily related to the resignations.
Those revelations come as the company downsizes its corporation headquarters in Adelaide, putting more decisions in the hands of franchisees.
Changes in recent weeks included the loss of 150 staff, mainly at headquarters, and the closure of 10 rural offices across the northern states and New South Wales.