Frank Costa has retired as a non-executive director of Costa Group, the horticulture company of which he has been the proprietor for 60 years.
Mr Costa said “now is the right time” for him to step back from a formal engagement with the fruit and vegetable wholesaler, with the former president of the Geelong Football Club to remain an advisor to the company’s board going forward.
The company said Mr Costa’s contribution has continued despite him stepped back as an executive in recent years, including during the private equity phase that preceded its public listing in 2015.
Costa Group said the company had been Mr Costa’s “lifetime’s work”.
“I have been delighted with the growth and quality of the business as it has become the country’s leading horticultural group which continues to set new standards in technology and sustainability across its portfolio,” Mr Costa said on Friday.
“Now is the right time for me to step back from a formal engagement whilst retaining an active involvement in the company’s future progress as an advisor to the board,”
Mr Costa and his brother Adrian bought the Geelong Covent Garden fruit shop off their parents in 1959 before expanding it into a wholesale provedor business.
Costa now grows, packs and markets berries, mushrooms, glasshouse tomatoes, citrus and avocados and owns approximately 4,500 planted hectares of farmland, 30 hectares of glasshouse facilities and seven mushroom growing facilities across Australia.