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Mackay Sugar boss announces shock resignation

Mackay Sugar Chairman Andrew Capello outside Racecourse Mill.

Photo Lee Constable / Daily Mercury
Mackay Sugar Chairman Andrew Capello outside Racecourse Mill. Photo Lee Constable / Daily Mercury Lee Constable

UPDATE:

AFTER seven years in the top job at Mackay Sugar Andrew Cappello has been replaced by Mark Day, who has been on the board for six months.

Mr Day was appointed board chairman today after Mr Cappello decided to stand down.

He joined the board as a non-grower director in May after spending three and a half years in Brazil as operations director for eight sugar cane factories owned by Bunge Brazil.

Prior to that he had an extensive career with CSR/Wilmar in sugar, managing CSR's Cane sugar businesses as executive general manager for six years and two years in Indonesia with Wilmar on expansion opportunities in that region.

Previously he worked for CSR as a shift supervisor in the Mackay region in 1980.

Both Mr Cappello and Mr Day have been approached for comment.

EARLIER: ANDREW Cappello has stood down as chairman of Mackay Sugar after seven years leading the milling company.

Mackay Sugar released a statement this morning thanking Mr Cappello for his leadership over the years.

"Following October's Annual General Meeting the Board met to consider the position of Chairman and Deputy Chairman," the statement reads.

"Non-Grower Director Mark Day was elected Chairman following Andrew Cappello's advice he wished to stand down as Chairman. Paul Manning was confirmed as Deputy Chairman."

The entire board decided Mr Cappello should stay on as a director so his knowledge and industry contacts could be used to help the company in this difficult time. 

The company is currently assessing offers from potential investors to either partially buy or buy the company outright. 

The move to find an investor comes as Mackay Sugar tries to pay down $180 million of debt. 

Topics:  andrew cappello mackay sugar mackay sugar agm


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