The board of Murray Cod Australia (MCA) told the market on Friday (6 February) that the company’s co-founder, Ross Anderson, would no longer be CEO or an executive director of the company from 20 February.
Mat Ryan, Production and Development executive director and MCA co-founder, and non-executive director, Roger Commins, have been appointed interim joint CEOs while the board looks for a new CEO.
Ryan and Anderson co-founded Murray Cod Australia, the trading company of the aquaculture operation based in the Riverina region of New South Wales, Aquna Sustainable Murray Cod.
Ryan began its original operations in 2011, when he wanted to move out of commodities (he was a sheep and wheat farmer) into a product that had growing demand and shrinking supply.
The company’s Australian-made system is custom-designed to mimic cod’s natural environment and provide the fish with the right growing conditions.
Ryan started with a pond on a property in Bilbul, just out of Griffith, and set about farming Murray Cod.
By 2024, the operation had 50 grow out ponds, three hatcheries, and around 90 staff, with 15 ponds at Stanbridge already online. MCA invested $20 million in constructing 78 free range ponds at the Stanbridge site, roughly between the towns of Whitton and Leeton
At the time, Anderson told Food & Drink Business the plans for Aquna were ambitious, with the goal to be producing 10,000 tonnes by 2030.
“Our Murray cod is grown in open ponds, in their native water, using industry-leading, sustainable practices. Our purpose-built systems allow us to grow tastier fish, without the earthy taste often associated with wild freshwater fish,” Anderson said.
In September last year, the company received firm commitments from domestic and offshore investors to raise $17 million, with proceeds used to expand production capacity and develop in-house sales and marketing capabilities.
MCA chair, Brett Paton, said the funds would be instrumental in accelerating the company’s growth.
“It will enable us to expand production capacity, invest in sustainable farming technologies, and strengthen our distribution footprint,” Paton said.
The company now has 128 ponds across four sites, with 4.8 million fish holding capacity at full utilisation.
“After three years of disciplined biomass investment and continued focus on the long-term growth strategy, MCA has successfully built the scale, infrastructure, and inventory required to now transition into sustainable cash generation, with FY26 marking the commercial inflection point,” the company said.
