Landkom's "low" salary offer is hindering efforts by the Ukraine farming group to find a successor to outgoing chief executive Richard Spinks, Agrimoney.com has learned.

Candidates contacted as potential replacements have been put off by a wage "not far short" of that given to Mr Spinks, who was paid $286,000 last year and awarded options over 1m Landkom shares .

"It is so low for what the job is that no-one has been willing to take it," the source told this website.

In-country solution

The salary is in line with that of other chief executives of companies listed on London's junior Aim market.  a veteran adviser for smaller companies told Agrimoney.com.

However, the Landkom source said that the prospect of working in rural Ukraine – where Mr Spinks has received death threats – had prompted candidates from outside the country to expect a premium.

Landkom, as a London-listed company, and with a UK-dominated management, has been seeking a Western replacement.

"But we may now have to get used to the fact we need to go for a highly qualified Ukrainian," the source said.

'Not a place for the timid'

Landkom's annual report, released earlier this week, showed that Mr Spinks' salary rose 35% in 2008, a year in which the group widened losses to $55.8m from $1.32m in the previous eight months.

"Given the huge responsibility of the position, being in charge of 120,000 hectares, and where the job is, that is not a staggering sum," a company spokesman said.

"Ukraine is not a place for the timid."

Mr Spinks' share options, the first tranche of which can be exercised this September, are currently out of the money, vesting at 30p a share, well above the current stock price of 12.5p.

The postponement was a measure to preserve cash, the Landkom spokesman said.