AACo chief Hugh Killen abruptly quits, leaving immediately

The board of the country’s largest landholder had raised allegations of an office affair – one that he had strongly denied.

AACO’S chief executive Hugh Killen is leaving. Picture: Naomi Jellicoe

Australian Agricultural Company chief executive Hugh Killen has resigned from the company, one of the country’s largest landholders, effective immediately.

“Hugh and the board agree that now is the right time to begin an orderly executive leadership transition,” said AACo chairman Donald McGauchie. “The board and I would like to take the opportunity to thank Hugh for his significant contribution to the business and recognise the progress that has been achieved under his leadership.”

Mr Killen has been the chief executive and managing director since 2018.

AACo’s chief operating officer, Dave Harris, will act as chief executive.

In March, The Australian’s Margin Call column reported that the AACo board were so concerned about rumours that Mr Killen was having an office affair that they raised it directly with him. He strongly denied the allegations.

“When the matter was raised the company followed appropriate and expected steps,” a spokesman said at the time.

Since then, Fortescue Metals chairman Andrew Forrest has been aggressively expanding his holding in the company. His family’s Tattarang vehicle more than doubled its stake in the company last week after taking out some 50 million shares from Paul Holmes a Court.

AACo’s largest shareholder is Joe Lewis, a British billionaire.