Home Agents & Agencies McGrath Appoints New Chairman Amid Company Turmoil

McGrath Appoints New Chairman Amid Company Turmoil

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Source: The Sydney Morning Herald. Photo: Louise Kennerley

Troubled real estate firm McGrath has appointed a new Chairman amid a period of turmoil, which has included poor profits and rumours of CEO and Founder John McGrath’s gambling.

The new Chairman is Peter Lewis, a former top executive of billionaire Kerry Stokes.

The company has also appointed Andrew Robinson as a non-executive director.

“The new directors have high standing in the private and public sectors, with Peter a very experienced senior executive in the media industry and Andrew, a well-respected lawyer with deep commercial experience,” Mr McGrath said in a statement on the ASX.

Last week the company posted a $25.5 million-dollar loss for the half year ending December 31, 2017.

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Mr McGrath also made a statement regarding the rumours of his multi-million-dollar gambling debt.

He said that he “enjoys a punt” but that his gambling was “within his means” and that his gambling account is not connected to the company.

The market seems to have responded positively to the new additions to the Board.

McGrath’s share price (ASX:MEA) opened at 40 cents on Friday and are currently trading at around 44 cents.

Source: ABC News