It’s not so fast for all the resignations of senior officials. AACo chief financial officer Nigel Simonsz announced his departure last month and will remain until the end of next month.
Speculation is that Killen’s departure may be driven by billionaire iron ore billionaire Andrew “Twiggy” Forrest, which fell to a 17.4% stake in the company last week, which could lead to a shock. Killen has been seen internally as close to Tavistock, which owns 48 per cent of AACo and is the investment vehicle of billionaire Joe Lewis, owner of the Tottenham Hotspur football team.
Airplane problems
McGauchie proclaimed a hit list during the Killen era as head since 2018: running Brisbane-based AACo through horrific droughts and then floods, driving a premium brand strategy and leading a “turn” in the company performance.
That’s selling it short. There was also the time when AACo took grants from JobKeeper while Killen was flying his private turboprop to his home in southeast NSW. AACo had maintained that the use of the aircraft was adequate, hygienically safe in the midst of pandemic problems and under McGauchie’s instructions.
Then there was the time when AACo gave a trip valued at $ 15,000, using the plane to travel to the company’s properties, to an auction lunch for The King’s School rugby club where, yes, Killen was an old boy. AACo explained that it was one of the many worthy donations to various charities, had a minimal cost, and also benefited the company.
The beef giant said Tuesday that payment for Killen’s departure would be “in accordance with contractual obligations,” a line that almost all companies listed on ASX Lantzen and that should be delivered to the trash given its vagueness.
The annual report states that “employee-initiated termination” may result in a payment in lieu of six months’ salary notice, which is equivalent to $ 300,000 in Killen’s case. The board may ask if its 86,845 unacquired performance rights will expire, while its 452,042 shares are worth more than $ 1 million.
These stocks have been rising recently, with agriculture in a hot sector right now and big investors are realizing it. If only AACo would start paying dividends for them, this has not happened since 2008.