Australian aquaculture company Seafarms Group has appointed Mick McMahon as CEO and lan Brannan as CFO as part of a strategy to transform Seafarms into a "significant multinational business."
The company is behind Project Sea Dragon, a massive Nissui-backed shrimp farm being built in Australia's northern territory.
McMahon has held extensive senior leadership roles with several major domestic and international companies across numerous industry sectors, while Brannan has experience across a range of major food and building supplies companies both in Australia and internationally.
McMahon is currently chairman of Australian feed company Ridley and has in the past been COO at major Australian supermarket Coles, and CEO at Inghams.
Brannan worked together with McMahon as CFO at Inghams. Prior to that he held CFO positions at several major Australian food and construction companies.
"McMahon is uniquely positioned to appreciate the challenges and opportunities that the vertically integrated business structure of Project Sea Dragon brings, and the importance of our advanced breeding and biosecurity programs," said Seafarms Chairman lan Trahar.
"Having already worked together, Mr. McMahon and Mr. Brannan are a proven team."
A recent capital raising by Seafarms for its mega-shrimp farm Project Sea Dragon was strongly supported by Trahar and other long-term major shareholders.
The funds will be used to immediately begin construction of Seafarms’ Project Sea Dragon stage one development program in northern Australia and to drive towards a first harvest by the third quarter of 2023.
The capital raising will be underpinned by Trahar, the group's largest shareholder, who will invest AUD 20 million (€12.7 million/$15.2 million) into the capital raising and convert all loans approximating AUD 15.2 million (€9.6 million/$11.5 million) to equity on the same terms as the placement.