Shark Tank: John McGrath out and Glen Richards in as new judge

The new Shark Tank line-up: Dr Glen Richards, Naomi Simson, Andrew Banks, Janine Allis and Steve Baxter. Photo: Supplied

Real estate mogul John McGrath has left the reality television show Shark Tank and will be replaced by Dr Glen Richards, founder and former chief executive of Greencross, Australia's largest pet care company.

Channel Ten announced the change on Monday with filming currently under way for the second series of the show which features entrepreneurs pitching their business to the investors known as "sharks": Janine Allis, Andrew Banks, Steve Baxter, Naomi Simson and Dr Richards.

Due to the rapid growth of my own business and our expansion plans over the next few months, I'm disappointed that I've had to step aside from Shark Tank for this series. 

John McGrath, McGrath Estate Agents.

The company Dr Richards founded, Greencross, is listed on the ASX and is now worth an estimated $700 million. It operates more than 130 veterinary hospitals in Australia, New Zealand and China and has more than 200 stores operating under the brand names Petbarn and City Farmers in Australia and Animates in New Zealand. Dr Richards said he's looking forward to joining his fellow sharks for a "fun and challenging experience". 

Dr Richards said he's bringing more than just "a cheque book" to Shark Tank.

"I have had deep experiences in consolidating the pet care industry both in veterinarian services and retail, hopefully that experience enables me to identify real business opportunities," he says. 

Dr Richards said he will be looking for innovative and disruptive services or products that will take market share.

"Most importantly, I want to invest in passionate, focused entrepreneurs that are willing to be coached and mentored," he said. 

Dr Richards said his approach will differ from John McGrath's.

"I am sure I will bring my own style and passion for business onto the Shark Tank," he says.

"I see the show as a great opportunity to showcase the entrepreneurs' spirit and the 'Have a go' attitude out there in our communities."  

Mr McGrath, chief executive of McGrath Estate Agents, said he is leaving Shark Tank due to increasing business commitments.

"Due to the rapid growth of my own business and our expansion plans over the next few months, I'm disappointed that I've had to step aside from Shark Tank for this series," he said.

"Season one was an incredible experience for me personally and I believe this show will continue to be an amazing catalyst to encourage and develop many young entrepreneurs throughout Australia and New Zealand to pursue their business dreams.

"I hope that I may be able to play a role in future series as the show progresses and continues its successful momentum."

Last year 3000 entrepreneurs applied to pitch their product on Shark Tank with success stories including the Rescue Swag, which has gone from an annual income of $30,000 to close to $110,000 since appearing on the show, and Hegs Pegs, which saw revenue growth of 450 per cent in the six months after it was featured on Shark Tank.