Allan McCallum's decision will end an 18-year run as a director of the Tasmanian-based salmon and seafood company and more than 16 years as chairman.

He will finish after the October 28 annual meeting at which he and managing director and chief executive Mark Ryan will update shareholders on the company's performance and outlook.

Tassal managed to stay profitable in coronavirus pandemic-hit 2020-21, although its net profit after tax of $34.6 million dropped by almost half compared with the previous year.

By contrast, rival Huon Aquaculture reported a $128,1 million loss.

James Fazzino will replace Mr McCallum as chairman.

"James will bring tremendous experience, knowledge and enthusiasm to the position," Mr McCallum said.

Mr Fazzino, who joined the board in May 2020, is a former managing director and chief executive of industrial chemicals, fertiliser and explosives manufacturer Incitec Pivot Limited and a director of Rabobank Australia and energy company APA Group.

He chairs Manufacturing Australia.

Meanwhile, director Georgina Lynch will seek re-election after being required to retire from the board under the Tassal constitution's rules.

The rest of the board recommended shareholders vote in favour of her re-election.

The company continued to "grow operationally and deliver strong execution across all controllable factors" in 2020-21, Mr McCallum and Mr Ryan said in Tassal's annual report.

"Tassal's diversification strategy, focus on driving operating efficiencies and lowering costs, risk management systems and business continuity planning, cashflows and strong balance sheet supported the company navigating through a volatile COVID-19 operating environment.

"Like other global and domestic seafood companies, Tassal experienced significant pricing volatility in financial year 2021 due to COVID-19 and resulting restrictions and market fractures, particularly in global/export markets."

The annual meeting will be held virtually because of coronavirus restrictions.