CHIEF EXECUTIVE OFFICERS – AUSTRALIA – APPOINTMENTS AND RETIREMENTS

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

Rumour mill picks candidates to replace Narev

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Original article by Jonathan Shapiro
The Australian Financial Review – Page: 8 : 16-Aug-17

Brian Johnson of CLSA says the Commonwealth Bank of Australia may need to select an external candidate to succeed CEO Ian Narev, as the money-laundering scandal has tainted internal contenders. Matt Comyn and Rob Jesudason were widely regarded as leading candidates from within CBA’s ranks prior to the scandal. Former Westpac executive Rob Whitfield, Royal Bank of Scotland CEO Ross McEwan and Medibank CEO Craig Drummond are seen as potential external candidates to replace Narev when he steps down by mid-2018.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, CLSA AUSTRALIA PTY LTD, WESTPAC BANKING CORPORATION – ASX WBC, ROYAL BANK OF SCOTLAND GROUP PLC, MEDIBANK PRIVATE LIMITED – ASX MPL, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, NEW SOUTH WALES. THE TREASURY, REGAL FUNDS MANAGEMENT PTY LTD, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE

Livingstone ousts CEO Narev, cuts pay, puts execs on notice

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Original article by James Frost
The Australian Financial Review – Page: 1 & 8 : 15-Aug-17

The Commonwealth Bank of Australia’s board has reiterated its intention to take further action on cuts and changes to executive pay and incentives in the wake of the money laundering crisis. Its actions come as it announced that CEO Ian Narev will retire by 30 June 2018, with his successor most likely to be an external appointment. Louise Davidson, the CEO of the Australian Council of Superannuation Investors, says there are clearly some problems with the CBA’s culture, noting its recent problems involving financial planning and life insurance.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIAN COUNCIL OF SUPERANNUATION INVESTORS INCORPORATED, AUSTRALIANSUPER PTY LTD, AUSBIL INVESTMENT MANAGEMENT LIMITED, OWNERSHIP MATTERS PTY LTD, UNISUPER LIMITED, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE

New chief postie to get half the pay of her predecessor

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Original article by Glenda Korporaal
The Australian – Page: 4 : 28-Jun-17

Australia Post’s incoming CEO Christine Holgate will receive a base salary of $A1.375m when she takes the helm in October. She will also be entitled to performance bonuses, although her remuneration will be well below that of current CEO Ahmed Fahour. Holgate’s salary as CEO of Blackmores is around $A3m, and she says the issue of pay had not been raised in her discussions with Australia Post’s board. Chairman John Stanhope says Holgate was the "outstanding candidate" among those considered for the role.

CORPORATES
AUSTRALIA POST, BLACKMORES LIMITED – ASX BKL, TELSTRA CORPORATION LIMITED – ASX TLS, COLLINGWOOD FOOTBALL CLUB, AUSTRALIAN FOOTBALL LEAGUE

Campaign Monitor rocked by upheaval

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Original article by John McDuling
The Australian Financial Review – Page: 15 : 19-Jun-17

Alex Bard has resigned as CEO of email marketing services provider Campaign Monitor. He joined Campaign Monitor in 2014. The company, which is valued at $A600 million, has over two million customers. Bard has indicated that he plans to seek a career in venture capital. Meanwhile, it is understood that Campaign Monitor founders Dave Greiner and Ben Richardson stepped aside from their day-to-day involvement in the company some months ago.

CORPORATES
CAMPAIGN MONITOR PTY LTD, APPLE INCORPORATED, ADIDAS-SALOMON AG, VICE MEDIA INCORPORATED, MAILCHIMP, EXACTTARGET PTY LTD, SALESFORCE, INSIGHT VENTURE PARTNERS, ACCEL PARTNERS, DILIGENT CORPORATION, DIGITAL ROOM, ATLASSIAN CORPORATION PLC

Swisse parent takes full ownership

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Original article by Simon Evans
The Australian Financial Review – Page: 15 & 20 : 16-Dec-16

Biostime International has paid $A311m to acquire the 17 per cent of Swisse that it did not already own following its takeover of the Australian vitamin maker in 2015. Former Treasury Wines Estate executive Oliver Horn has been appointed as MD of Swisse after CEO Radek Sali advised that he will depart at the end of 2016. Sali is one of the minority shareholders who agreed to accept the buyout offer. He says the process of integrating Swisse with Biostime has gone well.

CORPORATES
SWISSE WELLNESS PTY LTD, BIOSTIME INTERNATIONAL HOLDINGS LIMITED, TREASURY WINE ESTATES LIMITED – ASX TWE, PENFOLDS WINES PTY LTD, DIAGEO PLC, FOSTER’S GROUP LIMITED, BELLAMY’S AUSTRALIA LIMITED – ASX BAL, VITACO HOLDINGS LIMITED – ASX VIT, SHANGHAI PHARMACEUTICAL HOLDING COMPANY LIMITED, PRIMAVERA CAPITAL GROUP, BLACKMORES LIMITED – ASX BKL, NATURE’S CARE

Gold company bosses expect more volatility

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Original article by Tess Ingram
The Australian Financial Review – Page: 27 : 30-Nov-16

The gold price reached a nine-month low of $US1,182 an ounce in late November 2016, defying expectations of a rally following Donald Trump’s presidential election win. It was trading above $US1,300 prior to the election, and Resolute Mining CEO John Welborn expects further volatility in the gold price in the near-term. Meanwhile, Dacian Gold will partially finance its Mount Morgans project via a $A150m equity raising, while Northern Star Resources’ COO Stuart Tonkin will succeed CEO Bill Beament. The latter will become executive chairman.

CORPORATES
RESOLUTE MINING LIMITED – ASX RSG, DACIAN GOLD LIMITED – ASX DCN, NORTHERN STAR RESOURCES LIMITED – ASX NST

Origin Energy in recovery mode after $25b APLNG venture

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 17 : 20-Oct-16

Just 3.02 per cent of votes cast at Origin Energy’s 2016 AGM rejected the group’s remuneration report, although an equities grant to outgoing CEO Grant King attracted a "no" vote of 16.21 per cent. King told shareholders that the company’s investment in the Australia Pacific LNG project had taxed its resources, and a stake of 30 per cent rather than 37.5 per cent may have been appropriate. However, King is upbeat about Origin’s outlook. He will be succeeded by Origin veteran Frank Calabria.

CORPORATES
ORIGIN ENERGY LIMITED – ASX ORG, AUSTRALIA PACIFIC LNG LIMITED, RBC CAPITAL MARKETS

New Free TV boss Savill to push for cuts in broadcast licence fees

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Original article by Max Mason
The Australian Financial Review – Page: 29 : 10-Oct-16

Brett Savill, who has succeeded Julie Flynn as CEO of Free TV Australia, says the TV sector is likely to undergo greater change in the next 5-10 years than the switch from analogue to digital. However, he notes that TV is still the only medium than can attract the large audiences that viewed the recent Australian Football League and National Rugby League grand finals. Savill is expected to lobby the Federal Government for a further reduction in broadcasting licence fees, which Communications Minister Mitch Fifield has indicated is under active consideration.

CORPORATES
FREE TV AUSTRALIA LIMITED, AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, NINE NETWORK AUSTRALIA LIMITED, TEN NETWORK HOLDINGS LIMITED – ASX TEN, SEVEN NETWORK LIMITED, SOUTHERN CROSS MEDIA GROUP LIMITED – ASX SXL, PRIME MEDIA GROUP LIMITED – ASX PRT, BAI COMMUNICATIONS, BROADCAST AUSTRALIA PTY LTD, PRICEWATERHOUSECOOPERS, KORN/FERRY INTERNATIONAL, AUSTRALIAN FOOTBALL LEAGUE, NATIONAL RUGBY LEAGUE