The Australian Agricultural Company (AACo), the nation’s largest cattle producer is now searching for a new CEO as David Farley who has held the position over the past four years, announced that he will be stepping down.
Donald McGauchie, AACo’s chairman thanked Farley for his time in the position and said that the new CEO will require a varied skill set to lead the company going forward, the Weekly Times Now reports.
"AACo's new CEO will require a different skill set to lead the company in its next stage of growth," said McGauchie.
Low rainfall and the suspension of live exports impacted heavily on the company, equating to a recorded a loss of $46.5m in the first quarter of the year.
AACo is reported to be selling a number of its rural properties and is currently building an abattoir in Darwin in an effort to decrease the company’s reliance on live exports.
The company’s chief financial officer, Craig White will assume the position until the company appoints a permanent replacement.