Federation board fires CEO

Intelligent Investor

Independent Financial Research

Two months after completing its merger with Novion Property Group, Federation Centres (ASX: FDC) surprised investors earlier this week by announcing the sudden departure of ceo Steven Sewell. His replacement is former Novion ceo Angus McNaughton. Federation shares have declined 5% since then, suggesting investors aren’t happy with the change. Putting aside potential corporate governance and legal issues – for instance, Steven Sewell was named in the merger documents as the ceo of the merged group – is the change really as bad as the share price decline suggests? (VIEW LINK)

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Intelligent Investor
Independent Financial Research

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