Murray River Organics has appointed Birol Akdogan as its new managing director and CEO, following Valentina Tripp’s resignation in January. Akdogan has been acting CEO since Tripp’s departure.
Akdogan joined MRO in September 2020 as CFO. He has more than 25 years experience in ASX listed companies with experience in streamlining business operations.
MRO chair Andrew Monk said the board believed Akdogan had the skills to lead the company through its next stage.
“His experience in tight cost control management in the FMCG market sector and his M&A experience in a large international company combine to give him the skill set to progress MRO’s strategic plans,” Monk said.
Before joining MRO, Akdogan was global VP of finance for Ansell. From 2008 to 2020, he was involved in more than $1 billion in M&A initiatives.
Akdogan said the role would provide new challenges and he was looking forward to, “reshaping the business to deliver value and profitability to shareholders and to see our branded products grow and gain even more recognition on the shelves of our supermarkets and health stores”.
Remuneration cuts
In its half yearly report, the company announced it was cutting the MD and board non-executive remuneration by 20-25 per cent to release additional resources into the business.
Monk said the board wanted to accelerate the move to become a branded retail organic food business. The remuneration reduction would allow for more marketing and NPD investment.
The company announced a $7.5 million net profit after tax loss in its 1H FY21 report. It was a 68 per cent improvement on the corresponding period last year.
Snapshot
- MRO branded product sales up more than 30%;
- wholesale and ingredients strategic procurement business up 68%;
- two non-core farms sold for $10m
- net bank debt reduced by $0.6m
Akdogan said the year had not been without its challenges, but the strategy to grow branded retail products, simplify operations and continue to reduce debt put the company in a strong position.
