Wellard Limited announced that Mr. Mauro Balzarini has ceased the role of Chief Executive Officer. Wellard has negotiated the removal of certain "key man" clauses and their consequences contained in its vessel finance agreement with Intesa Sanpaolo S.p.A. Therefore the cessation of Mr. Balzarini's employment as CEO no longer triggers an immediate prepayment event under the Intesa facility, and it does not constitute a cross default or breach under any of the Company's other financing arrangements. The terms of Mr. Balzarini's departure from Wellard are currently being finalised. The company also announced that John Klepec will continue in the role of Executive Chairman.