EXECUTIVE SUCCESSION – AUSTRALIA

Early exit for BHP’s Mackenzie

roymorgansocial Leave a comment

Original article by Nick Evans
The Australian – Page: 14 : 24-Dec-19

BHP’s outgoing CEO Andrew Mackenzie had previously advised that he will leave the resources giant on 30 June. However, he says the transition to new CEO Mike Henry is ahead of schedule, so he will now depart on 31 March. BHP has advised that Mackenzie will not receive any severance pay or a payment in lieu of notice. Henry, who formally takes the helm on 1 January, is expected to make changes to BHP’s executive leadership team.

CORPORATES
BHP GROUP LIMITED – ASX BHP

Dump directors or we’ll oust the lot, Westpac told

roymorgansocial Leave a comment

Original article by Michael Roddan, Andrew White
The Australian – Page: 1 & 4 : 27-Nov-19

Westpac chairman Lindsay Maxsted has indicated that he will have no role in the global search for a successor to CEO Brian Hartzer. CFO Peter King will become acting CEO following Hartzer’s resignation over the Austrac scandal, while Maxsted himself intends to bring forward his retirement to the first half of 2020. Meanwhile, Westpac may face a board spill at its upcoming annual meeting, with institutional investors demanding that more directors and executives be held accountable for the scandal. Hartzer will receive a $2.7m payout, although he will forgo short-term and long-term bonuses worth up to $22m.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE, AUSTRALIA. DEPT OF HOME AFFAIRS, AUSTRALIA. FUTURE FUND MANAGEMENT AGENCY, AUSTRALIANSUPER PTY LTD, UNISUPER LIMITED, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, CONSTRUCTION AND BUILDING UNIONS’ SUPERANNUATION FUND, AUSTRALIAN COUNCIL OF SUPERANNUATION INVESTORS INCORPORATED, STANDARD AND POOR’S FINANCIAL SERVICES LLC

Westpac must start hunt for a new CEO

roymorgansocial Leave a comment

Original article by Terry McCrann
Herald Sun – Page: 35 : 21-Nov-19

It is inevitable that Westpac CEO Brian Hartzer will have to step down in the wake of the banking sector’s latest money laundering scandal. This will leave ANZ’s Shayne Elliott as the only CEO of a big four bank who was appointed prior to the Hayne royal commission. The only issue for Westpac’s board is whether to opt for an internal or external successor. Meanwhile, questions need to be asked about the failure of Austrac to ensure that Westpac and the Commonwealth Bank were complying with anti-money laundering laws.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB

BHP’s new CEO Mike Henry vows to accelerate productivity push

roymorgansocial Leave a comment

Original article by Nick Toscano, Colin Kruger
Brisbane Times – Page: Online : 14-Nov-19

BHP CEO Andrew Mackenzie will step down at the end of 2019 after more than six years in the role. He will be succeeded by mining industry veteran Mike Henry, who will receive a base salary of $US1.7m ($2.5m). Henry, who has been the head of BHP’s Australian minerals division since 2016, says he will spend the next 45 days holding meetings with BHP staff across its global operations. Henry was regarded as a leading internal candidate to succeed Mackenzie.

CORPORATES
BHP GROUP LIMITED – ASX BHP

BHP succession once again in the spotlight

roymorgansocial Leave a comment

Original article by Nick Evans
The Australian – Page: 20 : 7-Nov-19

BHP CEO Andrew Mackenzie took the helm in May 2013, with his appointment having been announced at the resources giant’s half-year results presentation in February of that year. The position of former CEO Marius Kloppers had already come under scrutiny at BHP’s 2012 annual meeting in Australia; given Mackenzie’s tenure, shareholders at the 2019 annual meeting may be seeking guidance on succession planning. However, Mackenzie’s position is much more secure than Kloppers’ was in 2012.

CORPORATES
BHP GROUP LIMITED – ASX BHP

Oil Search taps Wulff as legend Botten retires

roymorgansocial Leave a comment

Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 16 & 22 : 2-Oct-19

Oil Search’s incoming CEO Keiran Wulff has downplayed suggestions that the Papua New Guinea-focused LNG producer may become a takeover target after Peter Botten steps down. Wulff says that succession planning has been in the works for some time, given that Botten has been at the helm for 25 years. Wulff, who currently heads Oil Search’s operations in Alaska, will succeed Botten in February. However, Botten will remain at Oil Search until August to ensure a smooth transition.

CORPORATES
OIL SEARCH LIMITED – ASX OSH, CREDIT SUISSE (AUSTRALIA) LIMITED, RBC CAPITAL MARKETS, ALLAN GRAY AUSTRALIA PTY LTD, EXXONMOBIL CORPORATION

Search narrows for new NAB boss

roymorgansocial Leave a comment

Original article by Joyce Moullakis
The Australian – Page: 21 : 19-Jun-19

National Australia Bank has declined to comment on progress regarding its search for a successor to former CEO Andrew Thorburn. However, sources have indicated that the shortlist of candidates has been trimmed and NAB has commenced a detailed assessment of internal candidates, who include Mike Baird and Anthony Healy. Thorburn stepped down in the wake of the Hayne royal commission, while NAB chairman Ken Henry will depart when a new CEO is appointed.

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, RUSSELL REYNOLDS ASSOCIATES INCORPORATED, MEDIBANK PRIVATE LIMITED – ASX MPL, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, WESTPAC BANKING CORPORATION – ASX WBC, ROYAL BANK OF SCOTLAND GROUP PLC, BANK OF IRELAND PLC, MACQUARIE GROUP LIMITED – ASX MQG, AMP LIMITED – ASX AMP

NAB narrows list of candidates for CEO

roymorgansocial Leave a comment

Original article by Richard Gluyas
The Australian – Page: 20 : 3-May-19

National Australia Bank’s interim CEO Phil Chronican has indicated that the short-list of contenders to succeed Andrew Thorburn is "manageable". Mike Baird and Anthony Healy are widely regarded as the leading internal candidates for the role. Chronican will become chairman when a permanent CEO is appointed, and he says NAB has taken measures to ensure that his independence as chairman is not compromised due to his current role.

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, ROYAL BANK OF SCOTLAND GROUP PLC, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY

McEwan’s RBS exit fuels NAB CEO talk

roymorgansocial Leave a comment

Original article by Richard Gluyas
The Australian – Page: 17 & 20 : 26-Apr-19

There is growing speculation that Ross McEwan is a contender to succeed Andrew Thorburn as CEO of National Australia Bank, following his resignation as CEO of the Royal Bank of Scotland. McEwan has been CEO of RBS since 2013, and it has returned to profitability and reinstated dividends under his leadership. Mike Baird and Anthony Healy are widely seen as the leading internal candidates to replace Thorburn, who resigned in February.

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, ROYAL BANK OF SCOTLAND GROUP PLC, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, RUSSELL REYNOLDS ASSOCIATES INCORPORATED, MEDIBANK PRIVATE LIMITED – ASX MPL

Chronican to steer NAB out of trouble

roymorgansocial Leave a comment

Original article by Richard Gluyas
The Australian – Page: 17 & 21 : 7-Mar-19

National Australia Bank’s interim CEO Phil Chronican will succeed Ken Henry as chairman. There had been speculation that Chronican could be a contender to replace Andrew Thorburn as CEO, but Chronican says he did not want to commit to the arduous role of CEO on a permanent basis. Chronican adds that he does not expect the process of recruiting Thorburn’s successor to take very long. Henry and Thorburn both resigned following the release of the Hayne royal commission’s final report, which heavily criticised both men.

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ