CHIEF EXECUTIVE OFFICERS – AUSTRALIA – APPOINTMENTS AND RETIREMENTS

Rio chief-in-waiting downplays expansion

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Original article by James Chessell
The Australian Financial Review – Page: 15 : 21-Mar-16

Jean-Sebastien Jacques has indicated that reducing costs, balance sheet strength and industrial safety will be among Rio Tinto’s priorities when he succeeds Sam Walsh as CEO in July 2016. There had been speculation that Rio Tinto will ramp up its growth strategy under Jacques, following several years of cost-cutting. He is currently the head of Rio Tinto’s copper and coal division.

CORPORATES
RIO TINTO LIMITED – ASX RIO, SANFORD C BERNSTEIN AND COMPANY, BARCLAYS BANK PLC, RIVERSDALE MINING LIMITED

7-Eleven still rorting workers, says CEO

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Original article by Mathew Dunckley
The Australian Financial Review – Page: 18 : 21-Mar-16

Former Skilled Group boss Angus McKay says addressing problems with 7-Eleven’s corporate culture will be one of his priorities as the convenience store chain’s new CEO. McKay has conceded that wage exploitation is most likely still an issue at some stores, but he has committed to completely eliminating such practices. He also concedes that the wages scandal has tarnished 7-Eleven’s reputation among consumers.

CORPORATES
7-ELEVEN STORES PTY LTD, SKILLED GROUP LIMITED, FAIRFAX MEDIA LIMITED – ASX FXJ, AUSTRALIAN BROADCASTING CORPORATION, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, FOSTER’S GROUP LIMITED, DIAGEO AUSTRALIA LIMITED

New Rio CEO an internal peak, confirming Walsh’s 2015 tip

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Original article by Amanda Saunders
The Australian Financial Review – Page: 3 : 18-Mar-16

Rio Tinto’s head of copper and coal, Jean-Sebastien Jacques, has been appointed CEO of the mining giant. He will take over from Sam Walsh in July 2016. Meanwhile, he will act as deputy CEO and will also join the board of the company. Jacques played a prominent role in negotiations with the Mongolian Government for an Oyu Tolgoi mine.

CORPORATES
RIO TINTO LIMITED – ASX RIO, BHP BILLITON LIMITED – ASX BHP, GLENCORE PLC

Carnell laments IR reform inertia

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Original article by Patrick Durkin
The Australian Financial Review – Page: 8 : 11-Mar-16

Australian Chamber of Commerce & Industry CEO Kate Carnell stepped down on 10 March 2016 after two years in the role. Carnell describes the Federal Government’s lack of action on the issue of industrial relations reform has her biggest failure during her tenure. She says the IR system is too complex, restrictive and inflexible, and it must be overhauled to reflect workplaces of the future. Carnell will become the federal small business ombudsman.

CORPORATES
AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY, AUSTRALIA. PRODUCTIVITY COMMISSION, LIBERAL PARTY OF AUSTRALIA, AUSTRALIAN FOOD AND GROCERY COUNCIL, AUSTRALIAN GENERAL PRACTICE NETWORK LIMITED, BEYOND BLUE AUSTRALIA PTY LTD

Woolworths struggles to hire CEO

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Original article by Michael Smith
The Australian Financial Review – Page: 1 : 22-Jan-16

An overseas candidate is likely to succeed Woolworths CEO Grant O’Brien, after no local executives expressed interest in the role. Woolworths is believed to have identified about five potential candidates from the UK, Europe and North America. Chairman Gordon Cairns had originally indicated that he aimed to install a new CEO by March 2016, but he has conceded that the selection process may take longer as overseas candidates are being interviewed in person rather than by video link.

CORPORATES
WOOLWORTHS LIMITED – ASX WOW, MASTERS HOME IMPROVEMENT AUSTRALIA PTY LTD, COLES SUPERMARKETS AUSTRALIA PTY LTD

New Dick Smith CEO hopes to find a buyer

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Original article by Patrick Hatch
The Australian Financial Review – Page: 13 & 18 : 13-Jan-16

Receiver Ferrier Hodgson has received more than 40 expressions of interest in buying failed consumer electronics retailer Dick Smith. Meanwhile, Don Grover has been appointed as interim CEO following the resignation of Nick Abboud. He had the led the company since its acquisition by Anchorage Capital Partners in 2012. The slump in Dick Smith’s share price prior to its collapse had reduced the value of Abboud’s shareholding by almost $A30m.

CORPORATES
DICK SMITH HOLDINGS LIMITED – ASX DSH, FERRIER HODGSON AND COMPANY, FUSION RETAIL BRANDS PTY LTD, JB HI-FI LIMITED – ASX JBH, DIANA FERRARI (AUSTRALIA) PTY LTD, WILLIAMS SHOES, MATHERS SHOES PTY LTD, COLORADO GROUP LIMITED, FORAGER FUNDS MANAGEMENT PTY LTD, ANCHORAGE CAPITAL PARTNERS PTY LTD, OWNERSHIP MATTERS PTY LTD, WOOLWORTHS LIMITED – ASX WOW, McGRATH NICOL AND PARTNERS SERVICES PTY LTD, STANDARD AND POOR’S ASX 200 INDEX

Rio to consider Walsh’s successor

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Original article by James Chessell
The Australian Financial Review – Page: 40 : 11-Jan-16

The head of Rio Tinto’s iron ore division, Andrew Harding, is seen as the leading candidate to succeed CEO Sam Walsh. The latter himself headed the iron ore division before being elevated to the top job after Tom Albanese resigned in 2011 in the wake of several massive write-downs. Walsh recently indicated that Rio’s board favours appointing an internal candidate to succeed him. Succession planning will be a key priority for Rio chairman Jan de Plessis, who will want to conclude this process several years before he stands down.

CORPORATES
RIO TINTO LIMITED – ASX RIO, ALCAN INCORPORATED, RIVERSDALE MINING LIMITED, BHP BILLITON LIMITED – ASX BHP, VALE SA, GLENCORE PLC, FORTESCUE METALS GROUP LIMITED – ASX FMG, BANK OF AMERICA CORPORATION, ANGLO AMERICAN PLC, SABMILLER PLC, ANHEUSER-BUSCH INBEV SA/NV, GM HOLDEN LIMITED, NISSAN MOTOR COMPANY (AUSTRALIA) PTY LTD

Woolies taps Best & Less boss for seat

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Original article by Sue Mitchell
The Australian Financial Review – Page: 17 & 22 : 17-Nov-15

Australian-listed retailer Woolworths is believed to have invited Holly Kramer to become a non-executive director. Kramer is on the boards of AMP and Nine Entertainment Company, having stepped down as CEO of discount department store group Best & Less in May 2015. Woolworths is seeking to appoint three directors to replace Ian MacFarlane, Christine Cross and David Mackay. It has also yet to appoint a successor to CEO Grant O’Brien, who may remain at the helm until his replacement is appointed.

CORPORATES
WOOLWORTHS LIMITED – ASX WOW, BEST AND LESS PTY LTD, AMP LIMITED – ASX AMP, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, BIG W DISCOUNT STORES, KMART AUSTRALIA LIMITED, TARGET AUSTRALIA PTY LTD, TESCO PLC, KELLOGG (AUSTRALIA) PTY LTD, RESERVE BANK OF AUSTRALIA, YALE UNIVERSITY, GEORGETOWN UNIVERSITY, FORD MOTOR COMPANY AUSTRALIA LIMITED, TELSTRA CORPORATION LIMITED – ASX TLS, PACIFIC BRANDS LIMITED – ASX PBG, AUSTRALIAN SHAREHOLDERS’ ASSOCIATION, CGI GLASS LEWIS PTY LTD

Chinese rescue Santos

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Original article by Simon Evans, Angela Macdonald-Smith, Sarah Thompson, Anthony Macdonald
The Australian Financial Review – Page: 1 & 12 : 10-Nov-15

China-based Hony Capital will initially acquire a 9.9 per cent stake in Santos for $A500m, although its participation in a $A2.5bn rights issue means the private equity firm will invest about $A700m in the oil and gas group in total. Santos investors will be offered new shares at $A3.85 apiece, compared with the group’s closing price of $A5.91 on 6 November 2015. Meanwhile, Clough CEO Kevin Gallagher will become CEO of Santos in early 2016.

CORPORATES
SANTOS LIMITED – ASX STO, HONY CAPITAL LIMITED, CLOUGH LIMITED, WOODSIDE PETROLEUM LIMITED – ASX WPL, PIZZA EXPRESS, SWISSE WELLNESS PTY LTD, BIOSTIME INTERNATIONAL HOLDINGS LIMITED, SCEPTER PARTNERS, BERNSTEIN AND ASSOCIATES, DEUTSCHE BANK AG, LAZARD PTY LTD, LEGEND GROUP LIMITED, TEMASEK HOLDINGS (PTE) LTD

ANZ’s Smith is $10.8m a year man

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Original article by James Eyers
The Australian Financial Review – Page: 19 : 10-Nov-15

The ANZ Bank’s 2015 annual report shows that CEO Mike Smith was paid a cash salary of $A3.3m in 2014-15, while bonuses and an incentives scheme lifted his total remuneration to $A10.8m. In contrast, Commonwealth Bank CEO Ian Narev was paid $A8.32m in total for 2014-15. ANZ CFO Shayne Elliott will succeed Smith at the beginning of 2016, and he is expected to be paid around $A6.5m in total in his first year as CEO.

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, WESTPAC BANKING CORPORATION – ASX WBC, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB