Sustainable aquaculture company Seafarms Group last week announced the appointment of Mick McMahon as Chief Executive Officer and Ian Brannan as Group Chief Finance Officer, effective September 20, 2021. The new appointments come at a time when the company is planning international expansion through its Project Sea Dragon, a large-scale prawn aquaculture project intended for export markets.
The new incoming executives have extensive experience both across Australia and internationally. McMahon was formerly the Chief Executive Officer of Inghams Group and has diverse industry experience, including retail, animal feed and nutrition, and skilled labour provision. Brannan comes with deep expertise across different industries including food and supply, finance, manufacturing, acquisitions, divestments restructuring and value growth. Prior to Seafarms, he was Chief Finance Officer at Inghams Group, on the same team as McMahon. He has also been with GWA Group, Carter Holt Harvey Building Supplies Group, and Campbell Soup Company.
Seafarms Chairman Ian Trahar welcomed the two additions to the team, saying: “I am delighted to have secured the highly credentialed Mr Mick McMahon as CEO and Mr Ian Brannan as Group CFO. Mr 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. Mr Brannan was Group Chief Finance Officer at Inghams at the same time that Mr McMahon was CEO and Managing Director. Having already worked together Mr McMahon and Mr Brannan are a proven team.”
On joining Seafarms, McMahon said: "I am delighted to be joining the Seafarms team at this critical stage of its development and look forward to building on the work done to date."
Aquaculture is one of Australia's fastest-growing industries, accounting for a significant proportion of seafood production and exports. However, the industry has not been immune to the pandemic, and statistics from the Department of Agriculture show that in 2021, it might take a downturn subject to international market conditions, knock-on effects of the pandemic, and changing consumer demands globally. The value of the industry is expected to decline to $2.94 billion (down 6% from 2019–20).