Changes at McGrath

MCGRATH chief executive Cameron Judson and all but one of the real estate firm’s directors are leaving after the company issued another earnings warning.

Chairwoman Cass O’Connor and three other directors are also stepping down, leaving founder John McGrath as the only survivor. He will be interim executive chairman.

Its shares plunged on the news and closed down 8¢, or 13.8 per cent, at 50¢. That is less than a quarter of McGrath’s $2.10 issue price in December 2015.