06/05/2022 - 09:20

Seafarms boss ousted

06/05/2022 - 09:20

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Seafarms Group's executive chair and chief executive Mick McMahon has stepped down from the board two weeks after a major shareholder sought to have him removed.

Seafarms boss ousted
Seafarms' flagship ran into cost blowouts. Photo: Seafarms Group

Seafarms Group's executive chair and chief executive Mick McMahon has stepped down from the board two weeks after a major shareholder sought to have him removed. 

Shares in the Darwin-based aquaculture business were down 6.25 per cent following the announcement that the director - who had been in the role roughly seven months - would be resigning. 

He will be replaced in the capacity of non-executive chair by Seafarms director and former chair Ian Trahar, who requested a general meeting to consider removing Mick (Michael) McMahon last month,

Mr Trahar owns approximately 18 per cent of the business via Avatar Industries and his individual holding.

Mr Trahar stepped down as chair in November 2021 in tandem with a strategic review of the company’s flagship Project Sea Dragon after costs for the Northern Territory development escalated.

Seafarms Group advises that Mr Michael Peter McMahon has resigned as a director of Seafarms Group Limited effective today,” the company said in a statement.

Seafarms Group acknowledges the contribution that Mick has made during his tenure as a director and wishes him every success in the future.”

The company said an announcement regarding a new chief executive would be made in due course. 

Seafarms has declined to comment on the matter. 

At 10:33 am AEST, Seafarms shares were down 6.25 per cent to trade at 1.5 cents. 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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