AWI former boss Stuart McCullough made redundant

Mr McCullough took up an overseas posting for the role of chief marketing and innovation officer in late 2021, following 12 years as AWI's chief executive officer.

AWI made the shock announcement on Tuesday morning in a statement.

"The role was created in October 2021 to oversee a major restructure of AWI's overseas operations, harnessing Mr McCullough's extensive experience in the international markets of the wool industry," it read.

"Due to changed financial circumstances at AWI and the successful completion of Mr McCullough's secondment overseas the role is no longer required.

"AWI thanks Mr McCullough for his hard work and dedication throughout his nearly 23 years of service at AWI."

An AWI spokesman wouldn't reveal details of Mr McCullough's salary but said his departure would "deliver substantial savings to the business".

Mr McCullough will remain in the US, where he moved in April 2023 after 14 months in London.

The spokesman said the move, which cost AWI $16,000, followed his reorganisation of regional activities in Europe and a change in focus to the United States.

"The move to the United States led to a significant decrease in cost to AWI," he said.

Mr McCullough's initial move to London in February 2022 a few months into the job saw AWI cover the cost of his airfare and visa requirements, amounting to about $24,000.

The chief marketing and innovation officer role was initially mooted as one that would include addressing major industry challenges such as European product environmental footprints laws, as well helping maximise wool's growth following the COVID-19 pandemic.

The job saw Mr McCullough focus on reorganising the overseas offices, reducing staffing levels and improving reporting lines.

When the role was created in October 2021, Mr McCullough was chosen to fulfil the position without an executive search taking place, a Senate Estimates heard at the time.