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- Seafarms (SFG) appoints Rod Dyer as CEO, effectively immediately
- His appointment is among numerous executive changes the company has made after previous CEO Mick Mahon had stepped down following a major setback in the Project Sea Dragon (PSD) prawn farm venture in northern Australia
- His remuneration package includes a salary of $750,000 per annum and he is eligible to receive an annual bonus payment from time to time, at the Board’s discretion
- Among the executive changes include the appointment of Harley Whitcombe as company secretary, replacing Ian Brannan who will step down effective immediately
- SFG shares are up 6.25 per cent, trading at 1.7 cents as of 1:26 pm AEST
Seafarms (SFG) has appointed Rod Dyer as CEO, effectively immediately.
His appointment is among numerous executive changes the company has made after the company’s previous CEO Mick Mahon had stepped down following a major setback in the company’s Project Sea Dragon (PSD) prawn farm venture in northern Australia.
His remuneration package includes a salary of $750,000 per annum and he is eligible to receive an annual bonus payment from time to time, at the Board’s discretion.
Among the executive changes include the appointment of Harley Whitcombe who will be the company’s new secretary, replacing Ian Brannan who will step down as CFO, Director, and company secretary effective immediately.
Further, Terutaka Kuraishi replaces Naoto Sato as Alternate Director for Mr Hisami Sakai, Nissui’s representative on the Board.
Ian Leijer has been appointed CFO of Seafarms, effective from today.
Both Mr Dyer and Mr Leijer have extensive experience with the development of Project Sea Dragon, both in design and the financial aspects of the Project.
The project was set back three years after a review found the project should not proceed in its current form because of “unacceptable risk”.
A project review found that PSD cannot proceed in its current form because of a funding shortage due to the failure of debt financing process.
Last year the company raised over $92 million for PSD, with construction progressing through the second half of the year.
In October, it said PSD was going to cost more than expected due to steel and copper prices, with the project now expecting to cost as much as $410 million.
It is still unclear what the company’s next steps are.
SFG shares were up 6.25 per cent, trading at 1.7 cents as of 1:26 pm AEST.
