Changes ahead as boss of struggling CropLogic quits
Food & Agriculture
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The head of Kiwi agtech CropLogic has resigned, after the company’s first Australian acquisition and as a horror run on the ASX has seen its share price collapse by 70 per cent.
Jamie Cairns has quit as managing director and will be replaced by CFO and company secretary James Cooper-Jones as acting CEO.
The company said Mr Cairns presided over a milestone acquisition in the US and the company’s IPO, but did say why he resigned.
CropLogic has been contacted for comment.
CropLogic launched in 2010 with equipment that collects data on soil temperature and moisture as well as aerial imagery help farmers to better manage crops.
After listing at 20c in September and promptly losing 15 per cent on debut, the company’s share price has slid to 6c.
An acquisition in the US potato crop sector and a company-changing purchase in Tasmania this month show the board is moving ahead with its strategy, even if investors are less impressed by the offering.