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McGrath in turmoil after mass resignations

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Real estate agency McGrath is in turmoil, after a wave of mass resignations gutted the embattled company’s leadership.

ABC News reports that McGrath’s Chief Executive Cameron Judson and Company Secretary Morgan Slope, have both stepped down along with all the Board members.

The mass resignations were announced after news that the company had downgraded its six-month earnings from December 31 to just $1.63 million, well short of the roughly $6 million that was expected.

Founder John McGrath is now the only remaining board member. He is expected to retake control of business after stepping down as Chief Executive in 2016.

“Like all shareholders I am very disappointed with the performance of the company over the last two years,” he said. I have a clear plan to rebuild momentum but I will let the results speak for themselves from here.”

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McGrath’s share price has tumbled within the last six months from a one-year high of 81 cents in September, down to 52 cents at close on Wednesday. When McGrath first listed in December 2015 it opened with a share price of $1.86.

Source: ABC News/The ASX