GrainCorp revealed on Wednesday it is reviewing the composition of its board and two directors are expected to retire. It appointed former Kraft and Cadbury Australia and New Zealand chief executive Rebecca Dee Bradbury on Monday.

Speculation is mounting Don Taylor will be one of the directors to exit. Mr Taylor, who stepped in as chief executive following the departure of Alison Watkins in January, is the second longest serving board director behind David Trebeck, who joined the board in 2002.

Mr Taylor, who joined the board in 2003 and became chairman two years later, was overseas and unavailable for comment on Wednesday.

Mr Taylor's current three year term expires in January 2015.

"Don Taylor is always mindful of the board's input," GrainCorp spokesman Angus Trigg said. "To ensure a smooth transition Don has given the board a commitment to serve out his term."

The company will seek shareholder approval to increase the amount of cash it can pay directors to accommodate the swelling board during the transition stage.

"It probably needs a change," said one analyst who declined to be named.

"After the managing director gets his feet under the desk, I think Don deciding to move on after a transition would be welcomed."

Mr Taylor faced heavy criticism from some shareholders after Archer Daniels Midland's failed $3 billion bid, which was blocked by treasurer Joe Hockey last November.

Ellerston Capital's Ashok Jacob believed the board should have negotiated more quickly to cut a deal with ADM. This may have seen a deal struck before the change of government last September.

Global agricultural heavy weights including Glencore and Cargill are backing fresh infrastructure investment along the eastern seaboard aimed at taking market share from GrainCorp.

It has highlighted the challenges that lie before Mr Palmquist, who left a 35 year career with US grains co-operative CHS, to lead GrainCorp.

Perpetual portfolio manager Nathan Parkin said that GrainCorp should focus on delivering its current projects and watching the competition in its own backyard.

"They have big capex plans and you usually want them to stop and deliver. I think they need to optimise what they have," Mr Parkin said.

"They don't need to diversify any more they have done that reasonably well.They do need to be wary of these new guys coming in."

Mr Palmquist spent his first day meeting senior management and hosted an early morning meeting and webcast with GrainCorp's 2000 strong staff, including some dialing in from its operations in Vancouver and Hamburg.

He is charged with growing profits amid the fiercest competition that grains handler has ever endured.

Mr Palmquist will do a meet and greet with sell-side analysts next Thursday.

PAC Partners director Paul Jensz wants Mr Palmquist to make "confirmatory comments" about the strategy outlined by Mr Taylor in September, which included overhauling its storage and handling network by investing in fewer, but larger storage sites and investing in rail infrastructure.

"It is coming up to harvest and farmers want to know his view on the up country assets," Mr Jensz said.

"The second stage is how is he going to tackle this increased competition in the ports in New South Wales and increasingly in Victoria? What's his engagement going to be like with key customers to head of that competition?

"Finally, what's he going to do with the growth engines of the business. What is he planning to do with malt, what is he planning to do with oil seeds, what is he planning to do with international marketing?"

Mr Palmquist job is also complicated by knowing that his largest shareholder, ADM, could return for a fresh tilt at the company.

GrainCorp has agreed to pay a $7.2m sign-on bonus, reflecting the uncertainty around its future ownership. The payment, deferred for three years, reduced by the fixed remuneration and bonuses paid over that period.

However one shareholder, who declined to be named, said it could be years before ADM felt it had enough political support to mount a fresh bid.

Farmers and a number of Coalition members remain convinced more competition is needed in the grain supply chain. But if ADM did return, the falling dollar has made a deal much more cheaper to execute.

GrainCorp was trading at $9 a share before the ADM bid. The Illinois-based company ended up offering a 46 per cent premium of $13.20 a share.

Given the depreciation of the Australian dollar this year, if ADM was to offer the same premium today the bid would cost the company 20 per cent less in US dollar terms.

GrainCorp reports earnings on November 13.