The annual meeting in Adelaide on Friday was the third general meeting this calendar year for the company formerly known as Futuris, The Australian Financial Review reports.

The 170-year-old Elders brand nearly collapsed in September but chief executive Malcolm Jackman managed to refinance about $1 billion in debt, launch an equity raising and sell ITC Timber to Gunns.

In October, shareholders voted in favour of the recapitalisation plan, which included the sale of the Elders insurance operations to QBE Insurance Group, which is now a cornerstone investor.

Mr Gerlach, who was appointed chairman in 1996 and is also retiring as chairman of Santos this year, said Elders was in a more stable position and board renewal could be accelerated, although he planned to stick around until his successor was firmly in place.