Original article by Jonathan Shapiro
The Australian Financial Review – Page: 18 : 12-Feb-19
Former federal treasurer Peter Costello suggests that regulators’ failure to prosecute misconduct in the financial services sector was due to reluctance to enforce the law rather that funding constraints. Costello also believes that it is inappropriate for National Australia Bank chairman Ken Henry to oversee the appointment of a new CEO. Henry will step down after a successor to Andrew Thorburn is recruited. Costello adds that bank directors and executives must prioritise compliance with the law in the wake of the financial services royal commission.
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, AUSTRALIA. FUTURE FUND MANAGEMENT AGENCY, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, WESTPAC BANKING CORPORATION – ASX WBC, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC
Original article by Eric Johnston
The Australian – Page: 17 : 11-Feb-19
Anthony Healy and Mike Baird are said to be the leading internal candidates to succeed National Australia Bank CEO Andrew Thorburn, while external contenders could include Craig Drummond, Ross McEwan and Lyn Cobley. Acting CEO Philip Chronican stresses that NAB has a "very clear strategy" that is being well executed. He notes that the last week has been challenging for the bank, with the resignation of Thorburn and chairman Ken Henry and the release of the banking royal commission’s final report.
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, MEDIBANK PRIVATE LIMITED – ASX MPL, WESTPAC BANKING CORPORATION – ASX WBC, ST GEORGE BANK LIMITED
Original article by Joyce Moullakis, Ben Butler
The Australian – Page: 1 & 4 : 8-Feb-19
Phil Chronican will become acting CEO of National Australia Bank after Andrew Thorburn advised that he will step down on 28 February. Chairman Ken Henry will also step down when a permanent CEO is appointed. Thorburn and Henry in particular had attracted criticism in the financial services royal commission’s final report over their reluctance to accept responsibility for the misconduct that was exposed by the inquiry. Some fund managers expect NAB to choose an external candidate to replace Thorburn, although Mike Baird and Anthony Healy are said to be among the internal contenders.
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, WESTPAC BANKING CORPORATION – ASX WBC, MEDIBANK PRIVATE LIMITED – ASX MPL, AMP LIMITED – ASX AMP, COMMONWEALTH AGRICULTURAL BUREAU INTERNATIONAL, AUSTRALIAN COUNCIL OF SUPERANNUATION INVESTORS INCORPORATED, THE HUMAN GROUP, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, RESERVE BANK OF AUSTRALIA
Original article by James Eyers
The Australian Financial Review – Page: 15 & 18 : 28-Aug-18
Former New South Wales premier Mike Baird is now regarded as the leading internal candidate to eventually succeed National Australia Bank CEO Andrew Thorburn. COO Antony Cahill had been seen as a potential successor, but he will leave the bank in mid-September to take up a role at Visa in the UK. Andrew Hagger was also regarded as a contender to replace Thorburn, but he attracted scrutiny by the banking royal commission over the fee-for-no-service scandal. External candidates are said to include former Westpac executive Jason Yetton.
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, VISA INTERNATIONAL, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, WESTPAC BANKING CORPORATION – ASX WBC, SOCIETYONE AUSTRALIA PTY LTD, MLC LIMITED, PERPETUAL LIMITED – ASX PPT
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.
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
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.
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
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.
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
Original article by Matt Chambers
The Australian – Page: 24 : 13-Jun-18
Rio Tinto has advised that CFO Chris Lynch will step down in September, after four years in the role. He will be succeeded by Jakob Stausholm, who has previously held executive roles at companies such as Shell and AP Moller-Maersk. Stausholm was also Shell’s representative on Woodside Petroleum’s board for several years. Rio Tinto CEO Jean-Sebastien Jacques has praised the contribution of Lynch, who had flagged his intention to retire in September 2017.
RIO TINTO LIMITED – ASX RIO, ROYAL DUTCH SHELL PLC, AP MOLLER-MAERSK AS, WOODSIDE PETROLEUM LIMITED – ASX WPL, ISS A/S, UNITED STATES. SECURITIES AND EXCHANGE COMMISSION
Original article by James Eyers, Jonathan Shapiro, Will Willitts
The Australian Financial Review – Page: 11 & 14 : 15-May-18
The Commonwealth Bank of Australia has named Alan Docherty as its acting CFO following the sudden resignation of Rob Jesudason after less than a year in the role. Docherty is currently the CFO of the institutional banking and markets division, and he joined CBA in 2003. Jesudason’s departure for a role in Hong Kong is the latest setback for CEO Matt Comyn, with six key executives resigning since he succeeded Ian Narev. Jesudason has expressed interest in becoming CEO, but sources have indicated that he was not in contention.
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, BLOCK.ONE, CREDIT SUISSE AG, JP MORGAN AND COMPANY INCORPORATED, BARCLAYS BANK PLC, GE CAPITAL CORPORATION, McKINSEY AND COMPANY
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.
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