Australia’s CEO spill
The rate at which Australia's largest companies are shedding their CEOs has almost doubled in recent years, as the grind of slower economic growth makes it harder to keep growing profits and hide flaws in corporate strategy. Australia is once again easily outstripping global averages for chief executive turnover and is set to replicate the spike in 2011. The latest departures include Woolworth’s CEO Grant O’Brien on Wednesday 17 June and Bradken’s CEO Brian Hodges two days later, meaning 15 of the S&P/ASX 100 companies in Australia have lost or dumped their boss this calendar year. This turnover in CEOs is a reflection of the tough environment listed companies are facing in the Australian market with the number of downgrades in earnings for the current financial year now standing at over 80 companies.
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Wilson Asset Management has a track record of making a difference for shareholders and the community for more than 20 years. As the investment manager for eight leading LICs – WAM Capital (ASX: WAM), WAM Leaders (ASX: WLE), WAM Global (ASX: WGB),...