CHIEF EXECUTIVE OFFICERS – AUSTRALIA – APPOINTMENTS AND RETIREMENTS

Power departs a job well done

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Original article by Paul Garvey
The Australian – Page: 19 : 16-Feb-18

Fortescue Metals Group has slashed its gross debt and ramped up iron ore production since Nev Power became CEO in mid-2011. Production costs have also been reduced from an average of $US53.23 per tonne to $US12.08. Power will step down as CEO on 16 February, and he has flagged the likelihood of taking on a number of directorships in his post-Fortescue career. However, Power doubts that he will accept another full-time executive position, and he has ruled out a career in politics.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG, CREDIT SUISSE AG, JP MORGAN AND COMPANY INCORPORATED, BANK OF AMERICA CORPORATION, DEUTSCHE BANK AG, ANGLO AMERICAN PLC

New Foxtel chief in hunt for millennials

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Original article by Dana McCauley
The Australian – Page: 19 : 1-Feb-18

Patrick Delany has succeeded Peter Tonagh as CEO of pay-TV group Foxtel ahead of its merger with Fox Sports Australia. Delany has been CEO of Fox Sports since 2011, and previously held a number of roles at Foxtel. He has flagged plans to expand Foxtel’s customer base, with a focus on increasing its market share among audience segments such as millennials. The merger of Foxtel and Fox Sports is expected to be completed within months.

CORPORATES
FOXTEL MANAGEMENT PTY LTD, FOX SPORTS AUSTRALIA PTY LTD, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, TELSTRA CORPORATION LIMITED – ASX TLS, NETFLIX INCORPORATED, VIRGIN AUSTRALIA HOLDINGS LIMITED – ASX VAH

Minefield for new CBA boss

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Original article by Glenda Korporaal, Michael Roddan
The Australian – Page: 1 & 6 : 30-Jan-18

The head of the Commonwealth Bank of Australia’s retail banking division, Matt Comyn, will succeed Ian Narev as CEO in April. His remuneration will be 15 per cent lower, with a base salary of $A2.2m plus short-term and long-term incentives. Comyn’s appointment follows a global search for Narev’s successor, and CBA chair Catherine Livingstone says Comyn had the board’s full support. CBA’s retail banking division has attracted scrutiny over a money-laundering scandal, but Livingstone stresses that it was a company-wide issue.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, FINANCE SECTOR UNION, BERRILL AND WATSON, COMMINSURE

Domain dives as Catalano quits

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Original article by Darren Davidson
The Australian – Page: 15 & 24 : 23-Jan-18

The market capitalisation of property listings group Domain Holdings was slashed by $A420m on 22 January, after the sudden resignation of CEO Antony Catalano sparked a sharp fall in its share price. The stock closed 17.2 per cent lower at $A2.75 as investors pondered the reason for Catalano’s departure just two months after Domain was spun off by Fairfax Media. Independent director Greg Ellis has been touted as a potential successor to Catalano. He currently heads Scout24 in Germany and he is a former CEO of Domain rival REA Group.

CORPORATES
DOMAIN HOLDINGS AUSTRALIA LIMITED – ASX DHA, FAIRFAX MEDIA LIMITED – ASX FXJ, SCOUT24 HOLDING GMBH, REA GROUP LIMITED – ASX REA, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, CITIGROUP PTY LTD, TPG CAPITAL LP, HELLMAN AND FRIEDMAN, ONTARIO TEACHERS’ PENSION PLAN

Fortescue boasts a few female firsts in corporate shake-up

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Original article by Paul Garvey
The Australian – Page: 22 : 1-Dec-17

Fortescue Metals announced 30 November that Elizabeth Gaines is to replace outgoing CEO Nev Power, making Gaines the first female to head up a major Australian mining firm. Greg Lilleyman, who had been seen as a contender with Gaines to replace Power, has been promoted from director of operations to chief operating officer, while Julie Shuttleworth, currently in charge of Fortescue’s Solomon operations, has been appointed to the newly created role of deputy CEO. It is believed it makes Fortescue the first ASX 200 company to have females occupying the top two executive roles.

CORPORATES
FORTESCUE METALS GROUP LIMITED – ASX FMG, BHP BILLITON LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO

Warburton appointed APN Outdoor chief

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Original article by Max Mason
The Australian Financial Review – Page: 13 : 18-Oct-17

Former Ten Network CEO James Warburton will succeed Richard Herring as CEO of APN Outdoor Group in January 2018. APN Outdoor CFO Wayne Castle will continue in the role of acting CEO until Warburton joins the outdoor advertising group. Warburton will step down as CEO of V8 Supercars at the end of 2017. Its EBITDA and revenue rose strongly with him at the helm. Warburton’s past roles included being a director of the Eye Corp outdoor advertising business when it was owned by Ten.

CORPORATES
APN OUTDOOR GROUP LIMITED – ASX APO, TEN NETWORK HOLDINGS LIMITED – ASX TEN, V8 SUPERCARS AUSTRALIA PTY LTD, EYE CORP LIMITED, FOXTEL MANAGEMENT PTY LTD, FOX SPORTS AUSTRALIA PTY LTD, DDB NEEDHAM, McCANN-ERICKSON ADVERTISING PTY LTD, SEVEN GROUP HOLDINGS LIMITED – ASX SVW, OOH!MEDIA LIMITED – ASX OML, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION

QBE chief out as investors revolt

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Original article by Michael Roddan
The Australian – Page: 19 & 22 : 13-Sep-17

QBE Insurance Group has advised that Pat Regan will succeed CEO John Neal in January 2018. Neal’s resignation after five years in the role follows a 25 per cent fall in the general insurer’s share price since it revealed another earnings downgrade in June. QBE has announced a total of eight such downgrades since he took the helm. Shares in QBE closed 2.5 per cent higher at $A10.50 on 12 September.

CORPORATES
QBE INSURANCE GROUP LIMITED – ASX QBE, VELOCITY TRADE LIMITED, INSURANCE COUNCIL OF AUSTRALIA LIMITED, AVIVA PLC

CBA needs outside CEO in ‘brutal market’

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Original article by Jonathan Shapiro, James Thomson
The Australian Financial Review – Page: 17 : 31-Aug-17

The Commonwealth Bank of Australia’s money laundering scandal has focused attention on succession planning, with CEO Ian Narev set to step down by mid-2018. Perennial’s John Murray says CBA should select an external candidate, as the market considers any internal contenders to be tainted by the scandal. Morningstar also expects Narev’s successor to be an external appointment. Meanwhile, National Australia Bank CEO Andrew Thorburn says the bank has stressed the importance of its culture and values in meetings with staff in recent months.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, PERENNIAL VALUE MANAGEMENT AUSTRALIAN EQUITY FUND, MORNINGSTAR PTY LTD, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, CREDIT SUISSE (AUSTRALIA) LIMITED, TRANS-TASMAN BUSINESS CIRCLE, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE, BHP BILLITON LIMITED – ASX BHP, ORIGIN ENERGY LIMITED – ASX ORG, AUSTRALIA PACIFIC LNG LIMITED, BORAL LIMITED – ASX BLD, DOWNER EDI LIMITED – ASX DOW

BlueScope dives as chief departs

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Original article by Matt Chambers
The Australian – Page: 17 & 20 : 22-Aug-17

BlueScope Steel has reported a sharp rise in net profit for 2016-17, to $A715.9m. However, the steel-maker has advised that EBIT for the first half of 2017-18 will fall from $A527m previously to $A422m, due to factors such as the strong Australian dollar and the impact of rising scrap metal prices in the US on its North Star subsidiary. BlueScope has also revealed that Mark Vassella will succeed CEO Paul O’Malley at the start of 2018, and that the company is the subject of a cartel investigation. BlueScope shares fell $A3.08 to $A11.03 on 21 August.

CORPORATES
BLUESCOPE STEEL LIMITED – ASX BSL, NORTH STAR STEEL, CARGILL INCORPORATED, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, CITIGROUP PTY LTD

Norris supports Comyn for CBA

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Original article by Richard Gluyas
The Australian – Page: 17 & 18 : 21-Aug-17

Former Commonwealth Bank of Australia CEO Ralph Norris favours appointing an internal candidate to succeed incumbent Ian Narev. Norris argues that there is less risk associated with an internal appointment, despite calls from some analysts for CBA to recruit someone from outside the bank in order to pursue cultural change in the wake of the money-laundering scandal. Norris favours appointing the head of CBA’s retail banking division, Matt Comyn, to succeed Narev.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE, FEDERAL COURT OF AUSTRALIA, MEDIBANK PRIVATE LIMITED – ASX MPL, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, ROYAL BANK OF SCOTLAND GROUP PLC