EXECUTIVE SUCCESSION – AUSTRALIA

BHP upbeat on China iron, coal demand

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Original article by Matt Chambers
The Australian – Page: 19 & 20 : 18-Nov-16

Malcolm Broomhead, Carolyn Hewson and Lindsay Maxsted are said to be the leading internal contenders to succeed BHP Billiton chairman Jac Nasser, who intends to step down by mid-2017. Meanwhile, CEO Andrew Mackenzie says demand for Australian iron ore and coal has been boosted by the Chinese Government’s efforts to make its steel mills and coal mines more efficient. However, he adds that BHP is taking the view that a likely increase in global supply means the current price of iron ore will not be sustained. In contrast, Deutsche Bank has lifted its forecast for the iron ore price by 21 per cent in 2017, to $US55 per tonne.

CORPORATES
BHP BILLITON LIMITED – ASX BHP, DEUTSCHE BANK AG, AUSTRALIAN LABOR PARTY

‘Thoughtful’ King answers BCA call

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Original article by Patrick Durkin
The Australian Financial Review – Page: 5 : 8-Nov-16

Former Origin Energy CEO Grant King will succeed Catherine Livingstone as president of the Business Council of Australia. Origin’s ex-finance director Karen Moses has praised King’s appointment and says he is well-suited to his new role as head of the lobby group. King recently stepped down as Origin CEO after more than two decades at the company.

CORPORATES
BUSINESS COUNCIL OF AUSTRALIA, ORIGIN ENERGY LIMITED – ASX ORG, BORAL LIMITED – ASX BLD, TELSTRA CORPORATION LIMITED – ASX TLS, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, WESFARMERS LIMITED – ASX WES, CHARTER HALL GROUP – ASX CHC, SANTOS LIMITED – ASX STO, AGL ENERGY LIMITED – ASX AGL, MACQUARIE GROUP LIMITED – ASX MQG, AUSTRALIA PACIFIC LNG LIMITED, AUSTRALIAN LABOR PARTY

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

Livingstone named CBA chair as Turner departs

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Original article by Richard Gluyas
The Australian – Page: 21 : 13-Oct-16

The Commonwealth Bank has advised that Catherine Livingstone will succeed David Turner as the bank’s chair in early 2017. Livingstone has praised Turner’s contribution as chairman, which he has held since 2010. Brian Johnson of CLSA notes that the bank has outperformed during Turner’s time in the role, but adds that it has underperformed in 2016. He also says Livingstone’s biggest challenge is likely to be finding an eventual successor to CEO Ian Narev.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, CLSA AUSTRALIA PTY LTD, TELSTRA CORPORATION LIMITED – ASX TLS, MACQUARIE GROUP LIMITED – ASX MQG, COCHLEAR LIMITED – ASX COH, WESTPAC BANKING CORPORATION – ASX WBC, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB

Brambles heads to UK as Gorman exits

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Original article by Damon Kitney, Richard Gluyas
The Australian – Page: 21 & 25 : 19-Aug-16

Australian-listed logistics group Brambles has posted a 2015-16 net profit of $US588m ($A725m), which is one per cent higher than previously. Its statutory profit was six per cent lower at $US557.4m due to writedowns and impairment charges totalling $US78.1m, but revenue rose by two per cent to $US5.54bn. Meanwhile, British executive Graham Chipchase will succeed CEO Tom Gorman in early 2017, and Brambles will relocate its head office to London.

CORPORATES
BRAMBLES LIMITED – ASX BXB, FORD MOTOR COMPANY AUSTRALIA LIMITED, REXAM HOLDINGS PTY LTD, BALL CORPORATION

New ASX boss Dominic Stevens ‘cautious’ on blockchain switch

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Original article by James Eyers
The Australian Financial Review – Page: 1 & 8 : 2-Aug-16

Former Challenger CEO Dominic Stevens has been appointed as the new CEO of ASX Limited. He replaces Elmer Funke Kupper, who resigned in March 2016. Stevens says he will concentrate on issues such as the consolidation in stock exchange services and changes in listing rules, whose aim would be to raise the quality of listed companies. Under his leadership, the ASX will proceed cautiously with implementing new technologies, including blockchain technology.

CORPORATES
ASX LIMITED – ASX ASX, CHALLENGER LIMITED – ASX CGF, TABCORP HOLDINGS LIMITED – ASX TAH, SOCIETYONE AUSTRALIA PTY LTD, DIGITAL ASSET HOLDINGS, CONTANGO ASSET MANAGEMENT LIMITED, LONDON STOCK EXCHANGE, DEUTSCHE BOERSE, SINGAPORE EXCHANGE LIMITED

New Rio boss signals end of iron ore wars

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Original article by James Chessell, James Thomson
The Australian Financial Review – Page: 21 & 24 : 4-Jul-16

BHP Billiton, Rio Tinto and Vale have significantly increased iron ore production in recent years. However, Rio’s new CEO Jean-Sebastien Jacques has indicated that rather than increasing output, the group will prioritise productivity and operational gains at its iron ore mines in the Pilbara region of Western Australia. Jacques also says Rio would be interested in acquiring quality assets, but only at the right price, and the group’s focus is likely to be on expanding its existing mines.

CORPORATES
RIO TINTO LIMITED – ASX RIO, BHP BILLITON LIMITED – ASX BHP, VALE SA, CHINA. ASSETS SUPERVISION AND ADMINISTRATION COMMISSION, ANGLO-ASIA PROPERTY, FREEPORT-McMORAN COPPER AND GOLD INCORPORATED, GLENCORE PLC, CHINA MOLYBDENUM COMPANY LIMITED, BARRICK GOLD CORPORATION, ANTOFAGASTA PLC

ASX ‘likely’ to choose a local chief executive

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Original article by Jessica Gardner, Ruth Liew
The Australian Financial Review – Page: 23 : 15-Apr-16

ASX Limited has posted a statutory profit of $A317.4m for the first nine months of 2015-16, which is 6.2 per cent higher than previously. The stock exchange operator will shortly appoint an executive search firm to find a successor to CEO Elmer Funke Kupper. ASX chairman Rick Holliday-Smith says the highly regulated nature of the Australian market means a local candidate will probably be preferred, but he has not ruled out an offshore hire if they have the right skills and experience.

CORPORATES
ASX LIMITED – ASX ASX, RUSSELL REYNOLDS ASSOCIATES INCORPORATED, RESERVE BANK OF AUSTRALIA, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB

The top tasks facing Rio’s new chief

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Original article by Amanda Saunders
The Australian Financial Review – Page: 13 & 18 : 13-Apr-16

There is speculation that Rio Tinto will pursue acquisitions when Jean-Sebastien Jacques succeeds Sam Walsh as CEO in July 2016, while asset sales may also potentially be on the agenda. Jacques is largely an unknown quantity to most investors, so one of his first priorities will be to outline his strategy for Rio Tinto. The group will also need to diversify its operations to reduce its reliance on iron ore, while free cash flow and big data are also likely to be priorities for Jacques.

CORPORATES
RIO TINTO LIMITED – ASX RIO, ALCAN INCORPORATED, TURQUOISE HILL RESOURCES LIMITED, DEUTSCHE BANK AG, MACQUARIE GROUP LIMITED – ASX MQG, UBS HOLDINGS PTY LTD, BERNSTEIN INVESTMENT RESEARCH AND MANAGEMENT

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