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Saturday 19

August, 201712:18 AM

Beef producer AACo's CEO resigns

Beef producer AACo's CEO resigns

Jason Strong has quit after four years as chief executive of beef producer Australian Agricultural Company.

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By AAP 11.08.2017 04:26 PM

After four years in charge Australian Agricultural Company (AACo), Jason Strong has resigned as chief executive as the company continues its transformation from a cattle producer into a provider of luxury branded beef.

AACo announced Mr Strong's resignation on Friday.

A company spokesperson said Mr Strong will participate at AACo's annual general meeting on August 23 and assist with the transition to his replacement.

AACo chairman Donald McGauchie praised Mr Strong for his significant contribution to AACo.

"Jason was exceptional in transforming an almost 200 year-old cattle company into a supply chain-driven beef business," Mr McGauchie said.

"The next phase of our growth will be to continue the transformation into an internationally-focused luxury branded beef business.

"As the company progresses with this second phase of transformation, Jason told the board he felt it was timely to hand over at this point."

AACo hopes to appoint a new chief executive before the end of 2017.

AACo reported a profit of $71.6 million in the year to March 31, 2017, up from $67.8 million a year earlier.

AACo shares closed nearly seven per cent lower at $1.53 on a day of broad losses on the share market..

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