Inghams Group Ltd (ASX:ING) share price plucked as chief executive to step down

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ASX:ING

The Inghams Group Ltd (ASX:ING) share price has fallen 35 cents or 8.6 per cent to $3.74 after news that chief executive Mick McMahon will step down after four years at the helm.

During his time as CEO, Mr McMahon oversaw the poultry producer’s transition from a privately owned company to an ASX-listed firm.

Mr McMahon will step down after the release of Ingham’s full-year results in August, and will be replaced on an interim basis by chief commercial officer Quinton Hildebrand while the firm considers internal and external candidates.

Mr McMahon was appointed executive chairman in January 2015 and became CEO in February 2016, leading the company through its November 2016 IPO.

“As we started work on preparing the next three-to-five-year strategy, it was the moment for me to make a decision about whether I wanted to commit for the years ahead,” Mr McMahon said on Thursday.

“After four years of intense focus and commitment to the company, its employees and shareholders, it was clear to me that now was the time to begin the search for the new chief executive officer.”

Inghams shares up 22 per cent since IPO

Inghams shares hit an all-time high of $4.10 on Wednesday.

Even after the fall today in the Inghams share price,  it still trades about 22 per cent higher than on their stock market debut.

Chairman Peter Bush said Mr McMahon would stay on in a consultancy role until the end of the calendar year if needed.

Ingham’s in February reported a 28 per cent jump in first-half pro-forma profit to $65.7 million, driven by a 2.8 per cent improvement in poultry volume.

With AAP 

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