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