McGrath management exodus

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

Chair Cass O’Connor and three other directors are also stepping down, leaving founder John McGrath as the only survivor on the board.

Mr McGrath, who rose to prominence nationally during the first season of start- up TV program Shark Tank in 2015, will serve as interim executive chairman.

McGrath yesterday said Mr Judson and head of corporate services Morgan Sloper were leaving because the company no longer required expertise in organic growth or buyouts.

McGrath has struggled since listing on the Australian Securities Exchange in December 2015. Mr Judson was originally appointed in July 2016 to work alongside Mr McGrath as joint chief executive before assuming full control just weeks later.

As well as Mr Judson, Ms O’Connor and Mr Sloper, directors Elizabeth Crouch, Nigel Dews and Cath Rogers will leave.

The announcement yesterday came as McGrath said it expected full- year earnings before interest, tax, depreciation and amortisation of between $ 5.8 million and $ 6.8 million.

McGrath had already said it did not expect to meet analysts’ expectations of $ 16.6 million in EBITDA.

The profit warning yesterday is the third since its listing.