GrainCorp Limited announced its intention to demerge its global malting business, subject to shareholder and other approvals. The proposed demerger would result in two independent: MaltCo and New GrainCorp. On demerger, Mark Palmquist will become Managing Director & Chief Executive Officer of MaltCo.

Mr. Palmquist will remain Chief Executive Officer of GrainCorp until completion of the demerger but, in light of his intended appointment to the board of MaltCo, he will resign from his role as Managing Director and step down from the GrainCorp Board. Klaus Pamminger, currently Group General Manager Grains, has been appointed as Chief Operating Officer of GrainCorp and, on demerger, Mr. Pamminger will succeed Mr. Palmquist as Managing Director and Chief Executive Officer of New GrainCorp.