The CEO of the Australian agricultural company, Hugh Killen, has resigned after more than four years in office.
Key points:
- A statement from the Australian Stock Exchange confirms the resignation of the CEO
- AACo is the largest livestock company in Australia, with properties in NT and Queensland
- Chief Operating Officer Dave Harris is the Acting Chief Executive Officer
His resignation is effective immediately.
A statement from the company on the Australian Stock Exchange said it was the right time to begin an orderly transition from executive leadership.
“The board and I would like to take this opportunity to thank Hugh for his important contribution to the business and to acknowledge the progress that has been made under his leadership,” the statement said.
“Hugh has guided AACo through some of the worst droughts and floods Australia has ever seen, the global impacts of COVID-19 and the market fluctuations that occurred as a result of market impacts.”
AACo posted an operating profit of $ 49.9 million last month, with the value of its herd rising to nearly $ 200 million.
The company’s herd has grown to about 382,000 heads and its property portfolio was valued at $ 254 million in May.
Chief Operating Officer Dave Harris will serve as Acting Chief Executive Officer.
“The board will now conduct an executive search process that will include internal and external candidates in the domestic and international market,” the statement said.
AACo operates stations in the Northern Territory and Queensland. (Daniel Fitzgerald)
Andrew Forrest increases investment
It comes after mining tycoon Andrew Forrest’s investment company Tattarang made a significant increase in its stake in AACo last week.
Tattarang began buying at AACo last year and at the end of last week bought another $ 122 million in shares, raising its stakes to 17 percent.
The investment is just below the 20% threshold for a takeover bid.
The latest share purchase likely stemmed from Heytesbury Cattle Company’s 7.5% stake in AACo, according to the Australian Financial Review.
Tattarang declined to comment on AACo’s investment.