AACo acting chief Dave Harris gets top job

Following months of leadership uncertainty and takeover talk triggered by share control moves, Australia’s beef giant has opted for steady hands at the wheel.

Cattle giant AACo’s board is focused on performance improvement.

Beef giant Australian Agricultural Company’s acting chief executive Dave Harris has landed the top job left vacant by the sudden exit of former boss Hugh Killen in June.

The former chief operating officer, who had been acting in the position amid a search for Mr Killen’s replacement, was named chief executive and managing director on Tuesday.

AACo chairman Donald McGauchie said the board was “impressed” with Mr Harris’ performance in the acting role.

“Having had the opportunity to review other candidates, (the board) formed a unanimous view that he was the best person to lead the company,” Mr McGauchie said.

Mr Harris, who joined AACo in 2016, had demonstrated his understanding of the “importance of optimising and making value chains more efficient and sustainable”.

Mr Harris said he looked forward to continuing to work with the team to “drive the performance of the business”.

Rumours of a takeover had been rife at the beef giant since billionaire Andrew Forrest’s Tattarang group emerged as a 17.4 per cent shareholder in the same month.

Former chief executive Hugh Killen left abruptly in June. Picture: Naomi Jellicoe

However, UK billionaire Joe Lewis’ move to secure more than 50 per cent ownership of AACo through his Tavistock/AA Trust business earlier this month seems to have resolved control issues at the business.

In May, the beef producer reported a 200 per cent jump in profit to $136.9m for the full year ended March 31, but a 14-year dividend drought remains.

Mr Killen, who had been the chief executive and managing director since 2018, took home total remuneration of $1.1m, including a fixed pay of $697,748 (with super), for the 12 months ended March 31, AACo’s annual report shows.

His exit arrangements have not been revealed, but are in line with contractual arrangements.

Mr Harris will be paid a fixed annual salary of $700,000, besides short and long term incentives and deferred equity awards.

Shares in the $1bn business are trading 0.6 per cent higher at $1.73 around 1.45pm AEST.