- Seafarms (SFG) appoints Mick McMahon as chief executive officer and Ian Brannan as chief finance officer, effective from September 20
- The appointments are part of a strategy to transform SFG into a significant multinational business as the the company develops Project Sea Dragon
- Mr McMahon will subscribe for 36.4 million fully paid ordinary shares in the company, and Mr Brannan for nine million shares, through a direct placement
- Seafarms stocks are up 5.56 per cent to 5.7 cents each at 1:10 pm AEST
Sustainable aquaculture company Seafarms Group (SFG) has appointed Mick McMahon as chief executive officer and Ian Brannan as chief finance officer.
The appointments will be effective from September 20 and come during a critical growth phase for SFG as the company focuses on becoming a significant multinational business.
To this end, and following a well-supported capital raise, Seafarms has now commenced on-ground construction at its world class Project Sea Dragon in northern Australia.
The proposed large-scale, integrated prawn acquaculture project is designed to produce reliable volumes of high-quality prawns year-round for export.
Mr McMahon will bring extensive experience to the position, having held senior leadership roles with major domestic and international companies across a variety of industry sectors.
Meanwhile Mr Brannan has worked across a range of major food and building supply companies both in Australia and abroad.
Seafarms Chairman Ian Trahar said he was delighted to welcome the two highly credentialed leaders to the company.
“Mr McMahon brings deep knowledge and experience to Seafarms that will benefit the development and growth of Project Sea Dragon, aimed at transforming our business into a significant global seafood player,” he said.
“Mr Brannan was Group Chief Finance Officer at Inghams at the same time that Mr McMahon was CEO and managing director. Having already worked together [they] are a proven team.”
In a statement today the company said Mr McMahon would subscribe for 36.4 million fully paid ordinary shares in SFG, and Mr Brannan nine million shares, through a direct share placement, on the same basis as Seafarms’ recently completed capital raise, including three for five unlisted options.
Present CFO Harley Whitcombe will remain onboard with the company for a short handover period.
Seafarms shares were up 5.56 per cent to trade at 5.7 cents each at 1:10 pm AEST.