CHIEF EXECUTIVE OFFICERS – AUSTRALIA – APPOINTMENTS AND RETIREMENTS

Change agent’s mission to restore trust in AMP

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Original article by James Eyers, Jessica Gardner
The Australian Financial Review – Page: 19 & 22 : 23-Aug-18

AMP’s incoming CEO Francesco De Ferrari will receive a base salary of $2.2m when he takes up the role in December, while his remuneration package also includes incentive payments. He faces a major challenge in turning around AMP’s fortunes in the wake of the banking royal commission’s revelations. De Ferrari is currently the head of Credit Suisse’s private bank in Singapore, and AMP chairman David Murray has praised the corporate culture at Credit Suisse. Shares in AMP closed $0.06 lower at $3.39 on 22 August, after the stock began trading ex-dividend.

CORPORATES
AMP LIMITED – ASX AMP, CREDIT SUISSE AG, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, CREDIT SUISSE (AUSTRALIA) LIMITED, MORGAN STANLEY AUSTRALIA LIMITED, BT FINANCIAL GROUP PTY LTD, WESTPAC BANKING CORPORATION – ASX WBC, MACQUARIE GROUP LIMITED – ASX MQG

Macquarie’s new chief sees upside

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Original article by Joyce Moullakis, Vesna Poljak
The Australian Financial Review – Page: 1 & 21 : 27-Jul-18

Macquarie Group has announced that Shemara Wikramanayake will succeed Nicholas Moore as CEO of the investment bank. Wikramanayake, who joined Macquarie in 1987, will take up her new job towards the end of November. She has been the head of Macquarie Asset Management, which has assets of $A534.1 billion since 2008. Macquarie’s shares closed 2.6 per cent lower at $A121.70 on 26 July.

CORPORATES
MACQUARIE GROUP LIMITED – ASX MQG, MACQUARIE ASSET MANAGEMENT, QANTAS AIRWAYS LIMITED – ASX QAN, WESTPAC BANKING CORPORATION – ASX WBC, ST GEORGE BANK LIMITED, PERENNIAL INVESTMENT PARTNERS LIMITED, SHAW AND PARTNERS LIMITED, INDIAN PACIFIC ASSET MANAGEMENT

Sky news junkie spreads his wings

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Original article by Darren Davidson
The Australian – Page: 21 : 25-Jul-18

News Corp Australia’s executive chairman Michael Miller has praised the contribution of Australian News Channel CEO Angelos Frangopoulos to the development of Sky News Australia. The pay-TV network’s ratings have risen in 2018, while it will shortly venture into the free-to-air market for the first time via alliances with the Nine Network and regional broadcaster WIN Corporation. Frangopoulos, who joined ANC in 1996, has been appointed CEO of Abu Dhabi-based Sky News Arabia.

CORPORATES
AUSTRALIAN NEWS CHANNEL PTY LTD, SKY NEWS AUSTRALIA, NINE NETWORK AUSTRALIA LIMITED, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, WIN CORPORATION PTY LTD, SKY NEWS ARABIA, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, UNITED STATES. EXECUTIVE OFFICE OF THE PRESIDENT, 2SER, FOXTEL MANAGEMENT PTY LTD

Perpetual motion: Lloyd to lead NAB wealth spin-off

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Original article by Cliona O’Dowd
The Australian – Page: 17 & 21 : 18-Jul-18

National Australia Bank has advised that Geoff Lloyd will become CEO of its MLC wealth business on 1 September. Lloyd recently stepped down as CEO of Perpetual after six years, a period which saw strong growth in its profits and share price. NAB plans to divest MLC via a sharemarket float or trade sale, and Lloyd says the opportunity to grow the business as a stand-alone wealth manager was a key reason for his decision to take on the role. The spin-off will include NAB’s superannuation and financial planning businesses.

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, MLC LIMITED, PERPETUAL LIMITED – ASX PPT, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, WESTPAC BANKING CORPORATION – ASX WBC, IOOF HOLDINGS LIMITED – ASX IFL, JBWERE LIMITED, NABTRADE, AMP LIMITED – ASX AMP, LEND LEASE GROUP LIMITED – ASX LLC, NIPPON LIFE INSURANCE COMPANY LIMITED, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION

Backing for new Domain chief

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Original article by Darren Davidson
The Australian – Page: 23 : 4-Jul-18

Domain Holdings’ shares closed 0.63 per cent lower at $3.15 on 3 July, after the property listings group advised that Google Australia MD Jason ­Pellegrino will succeed Antony Catalano as CEO. Pellegrino will be paid $1.2m a year in his new role, plus a $500,000 sign-on bonus and $2m worth of Domain shares. Institutional investors are largely positive about his appointment, although some note his lack of experience in the real estate sector.

CORPORATES
DOMAIN HOLDINGS AUSTRALIA LIMITED – ASX DHG, FAIRFAX MEDIA LIMITED – ASX FXJ, GOOGLE AUSTRALIA PTY LTD, MARTIN CURRIE INVESTMENT MANAGEMENT LIMITED, LEGG MASON ASSET MANAGEMENT AUSTRALIA LIMITED, WILSON ASSET MANAGEMENT

Virgin starts global search for new chief

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Original article by Annabel Hepworth
The Australian – Page: 19 & 28 : 13-Jun-18

Virgin Australia CEO John Borghetti has advised that he will step down by the start of 2020, having decided against renewing his contract. Borghetti has been at the helm of Virgin Australia since May 2010, and oversaw its transition from a budget carrier to a full-service airline. Internal candidates to succeed Borghetti are said to include Virgin Australia’s group executive Rob Sharp and the head of its Tigerair subsidiary, Merren McArthur. Virgin Australia closed 2.3 per cent higher at $A0.22 on 12 June.

CORPORATES
VIRGIN AUSTRALIA HOLDINGS LIMITED – ASX VAH, TIGERAIR, QANTAS AIRWAYS LIMITED – ASX QAN, COCA-COLA AMATIL LIMITED – ASX CCL, MELBOURNE AIRPORT, VIRGIN ATLANTIC AIRWAYS LIMITED, GREENCROSS LIMITED – ASX GXL, QANTAS FREQUENT FLYER LIMITED, WESFARMERS LIMITED – ASX WES, VIRGIN GROUP LIMITED, SINGAPORE AIRLINES LIMITED, ETIHAD AIRWAYS, HNA GROUP, NANSHAN AUSTRALIA PTY LTD, CORVINA HOLDINGS

New chief Comyn pledges to restore confidence in CBA

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Original article by Michael Roddan
The Australian – Page: 17 & 20 : 10-Apr-18

Commonwealth Bank of Australia CEO Matt Comyn has told staff that he is committed to changing the culture at the bank in the wake of a series of scandals. Comyn conceded that CBA had not done enough to protect the interests of its customers, and apologised for the mistakes made by himself and other top executives. Brett Le Mesurier of Shaw & Partners says acting on the recommendations of the banking royal commission will be a key challenge for Comyn, who formally succeeded Ian Narev as CEO on 9 April.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, SHAW AND PARTNERS LIMITED, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, AUSSIE HOME LOANS LIMITED, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE, MAURICE BLACKBURN PTY LTD, UBS HOLDINGS PTY LTD, FEDERAL COURT OF AUSTRALIA

Reputation tops Comyn’s CBA to-do list

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Original article by James Thomson
The Australian Financial Review – Page: 13 & 16 : 9-Apr-18

Matt Comyn will formally succeed Ian Narev as CEO of the Commonwealth Bank of Australia on 9 April. His immediate priority is expected to be taking action to address the damage that a series of scandals have caused to CBA’s reputation. However, Yarra Capital Management’s MD Dion Hershan says CBA remains a strong business with a sound strategy, and any damage to its reputation is likely to be temporary. Meanwhile, Hamish Chalmers of Watermark Funds Management says reducing costs should be CBA’s priority over the next five years.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, YARRA CAPITAL MANAGEMENT, WATERMARK FUNDS MANAGEMENT PTY LTD, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, ABN AMRO BANK NV, ING BANK NV

Hirst calls for fair play at the top

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Original article by James Frost
The Australian Financial Review – Page: 15 & 18 : 27-Mar-18

Bendigo & Adelaide Bank veteran Marnie Baker will replace outgoing CEO Mike Hirst on 2 July. Baker is currently the chief customer officer, and she has held a number of roles at the regional bank since joining it in 1989. She says Bendigo’s focus on trust and fairness is a key strength given the negative sentiment toward the banking sector in general at present. Meanwhile, Hirst has criticised regulators over the lack of a level playing field for smaller banks, arguing that it has hindered Bendigo’s growth.

CORPORATES
BENDIGO AND ADELAIDE BANK LIMITED – ASX BEN, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA

Bullish Neilson takes stock

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Original article by Cliona O’Dowd
The Australian – Page: 17 & 21 : 23-Feb-18

Platinum Asset Management has posted a 2017-18 interim profit of $A102.2m, which is seven per cent higher than previously, while revenue was up 15 per cent at $A185.9m. Meanwhile, Platinum’s co-founder and chief investment officer Andrew Clifford will succeed CEO Kerr Neilson in mid-2018. Neilson has downplayed his decision to step down, adding that he will still be actively involved in the company. He says retail investors should be cautious about investing in exchange-traded funds. He also suggests that while China’s economic growth is likely to slow, the nation’s economy will remain strong.

CORPORATES
PLATINUM ASSET MANAGEMENT LIMITED – ASX PTM