Shock departure of key man at Forrest-backed AACo; iron ore billionaires quietly increase their stake

The nation’s biggest agricultural company is reeling from the sudden exit of an influential executive, who quit by saying ‘I’m simply going to focus on my own career’.

Cattle at AACo's Brunette Downs. Picture: DIT AgTech

One of the most influential executives in the northern Australian beef industry, Michael Johnson, has suddenly left the nation’s biggest cattle ranching business AACo.

The shock exit of Mr Johnson, known as MJ, is said to have left staff at AACo reeling given he exited without apparent notice and the publicly-listed company kept a lid on the development.

“I’m simply going to focus on my own career,” he told The Australian on Tuesday. The exec would not say why he left, nor comment on whether he was asked to leave.

Meanwhile, Andrew and Nicola Forrest’s private investment vehicle Tattarang has quietly inched up the share register of AACo, purchasing a further 1 per cent of the company and taking its shareholding to 22.4 per cent on February 17.

AACo is 52.1 per cent controlled by British billionaire Joe Lewis, who was last year convicted for insider trading in New York and whose family trust owns Premier League club Tottenham Hotspur. Ownership of Spurs is reportedly in play.

It’s unclear why the separated Forrests increased their shareholding in the world’s biggest wagyu exporter, but with wealth of $16bn (Mrs Forrest) and $15bn (Dr Forrest) according to Australia’s Richest 250, they are no strangers to quality land holdings.

Joe Lewis was spared time behind bars for his insider trading conviction. Picture: ANGELA WEISS / AFP

AACo’s vast cattle properties across the Northern Territory and Queensland account for about 1 per cent of Australia’s landmass.

Mr Johnson had worked at AACo for 15 years and as general manager for pastoral operations he was the most senior executive overseeing its rangelands and pastoral business across the Gulf and NT. He was also in charge of most of the workforce, most of the cattle and most of AACo’s stations.

On top of this role, he was a prominent figure in the NT and Northern beef industry and is the deputy chair of the Barkly Branch of NT Cattlemen’s Association.

A company spokesperson declined to comment.

The shock departure adds to the intrigue that surrounds the 201-year-old AACo.

The Brisbane-based company has always been a billionaire’s plaything. The Forrests, who made their fortune in the Pilbara, snapped most of their shareholding up from the Holmes a Court family, while wealthy retailer Brett Blundy – the man behind the Lovisa jewellery chain – was also once a significant investor.

The fact that the stock hasn’t paid a dividend in 17 years has deterred few.

AACo’s second biggest export market is the US where it is now subject to Donald Trump’s 10 per cent tariffs. Its shares rose 1 per cent on Tuesday to $1.48.

Farmers told The Australian that the shortage in the US domestic herd would likely mean Americans would have to accept the increased cost of Australian beef.

Weather can be catastrophic in the Gulf country and just over a month ago, 140 cattle died over the Australia Day long weekend, according to the ABC. AACo reported to authorities that it was believed a tap from a water tank had been accidentally turned off.

AACo has about 455,000 head of cattle after losing about 40,000 head of cattle during devastating floods in 2019.

Chief executive Hugh Killen departed suddenly in 2022 amid workplace intrigue, leaving Dave Harris to fill his role as successor. Mr Killen’s departure was disclosed to the market by chair Donald McGauchie as being “effective immediately” in the ASX statement made at the time in which no reason was given. He now runs a private agriculture investment firm and said last year he was “cheering [AACo] on from the sidelines”.

CEO Dave Harris at The Global Food Forum 2025. Picture: The Australian / Luis Enrique Ascui

Mr Johnson or MJ has also appeared in a number of promotional campaigns including a recent one on goodmeat.com.au on sustainability.

AACo earned a net profit of $23.6 million for the six months ended September 30 reversing its interim loss from the previous financial year.

Originally published as Shock departure of key man at Forrest-backed AACo; iron ore billionaires quietly increase their stake