Clean Seas Seafood chairman, directors quit suddenly
Three directors of SA seafood producer, exporter Clean Seas, including its chairman, have left due to “emerging differences around strategic direction” of the company.
SA Business
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South Australian producer, exporter Clean Seas Seafood is set for a tumultuous annual general meeting on Tuesday after three directors, including the chairman, quit suddenly.
Chairman Terry O’Brien, Nick Burrows and Raelene Murphy advised the board that they will be resigning as independent non-executive directors effective immediately, a note to investors said on Monday.
Mr O’Brien, who joined the group in 2017, told investors there were “emerging differences” around the strategic direction of the company.
“With the current recapitalisation complete and the long term support of the cornerstone
shareholders confirmed, the independent directors have reflected on their role and the nature of the relationship with the cornerstone shareholders going forward, including emerging differences around strategic direction, and determined that it is appropriate to bring forward the succession plan for board renewal in advance of any re-election for a further term, in spite of the significant support demonstrated from the broader shareholder base,” he said.
All three had been up for re-election for a three-year term ahead of the annual meeting scheduled to begin at 3.30pm (ACST), which also marks the end of chief executive David Head’s involvement with the group after five years in the role.
Mr Head announced his retirement in August.
Mr O’Brien said he was proud of the outcomes achieved as chairman particularly in responding to the devastating impact of COVID-19 where global food services demand was decimated.
“The quality product, outstanding team, planned pivot to retail combined with the successful settlement of the long outstanding feed related litigation, and the refinancing and recapitalisation of the company with key cornerstone investors with global seafood experience has enabled Clean Seas Seafood to survive the crisis and position for a bright future.”
Mr Burrows has been a director since 2012 and Ms Murphy since 2018.
Shareholders will now be voting on the re-election of only two directors – Gilbert Vergeres, who was appointed in March and represents Clean Seas’ largest shareholder, Liechtenstein-based Bonafide Wealth Management AG, and major shareholder Australian Tuna Fisheries’ managing director Marcus Stehr, who has been on the Clean Seas board since it was incorporated in 2000.
More updates are expected following the meeting with an active search to reconstitute the board.