Nufarm chairman Donald McGauchie has pledged to shake up the company's finance department following a slew of forecasting blunders that have wiped more than $2 billion from the value of Australia's biggest herbicide producer in the past year.
The Australian Financial Review reports that independent advisers Deloitte and Gresham Advisory Partners have been working on a turnaround strategy since July and won't finish their assessments until December.
But Mr McGauchie said it was clear Nufarm needed to improve on its budgeting and forecasting.
Nufarm has delivered five downgrades in 18 months and last week angered investors when it revealed an unexpected blowout in net debt had triggered a breach of its banking covenants.
Mr McGauchie said Nufarm had employed staff in its "treasury" area on a temporary basis, but it was looking at longer-term hires.
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