The decision by Futuris Corporation not to sell its 43pc share in the Australian Agricultural Company means the firm can now direct its attention to the pressing issue of finding a new chief executive.
On Tuesday Futuris announced plans to retain its stake in AACo, after spending the past six months unsuccessfully looking for a buyer.
Futuris said it had received proposals from several prospective buyers, but none that offered certainty in terms of execution or timing.
AA Co chairman, Nick Burton Taylor, said the Futuris announcement gave finality to what had been a difficult six month phase for the company.
"The company can now move forward with confidence on a range of initiatives designed to take advantage of renewed international interest in the value and importance of agricultural production," Mr Burton Taylor said.
Attention is now expected to focus on the appointment of a CEO to replace Don Mackay, who left suddenly in January.
Analysts say it would have been virtually impossible for AACo to find a quality replacement while the question mark of the Futuris sale hung over the business, because it provided little security of tenure for any new executive.
There was a major sell-off of AA Co shares following the Futuris announcement, with a corresponding slump in share price from $3.19 on Tuesday to $2.84 on Thursday.
AA Co's annual general meeting will be held in Brisbane on May 22.
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