Management turmoil at Black Earth
2011-02-03 09:50:53
Alexei Bnatov, Black Earth Chief Operating left after 11 months on the job. Black Earth is one of the largest agro holdings in Russia, but has had disappointing results. Apparently Mr. Bnatov was having a harder time with the appointment of Mr. Warburton to head the company, than he did with bad results due to last years drought and miserable production. Mr. Richard Warburton, the former head of agribusiness at UK consultancy Bidwell, joined as chief operating officer of Black Earth itself, the holding company which is listed in Stockholm. "In the light of these changes, Alexei Bnatov has decided to step down... to pursue other opportunities," Per Brilioth, the Black Earth chairman, said. Stockholders liked the news and shares jumped in price. They may be right if the weather is kinder this summer, and the company finally exceeds Russian average yields. However, if Mr. Warburton manages the company from Stockholm not Stavropol, we doubt it.