Southern Cross shares open up despite departure of CFO

Source: Google Finance

Source: Google Finance

Shares in Southern Cross Austereo opened up this morning despite the company confirming the departure of chief financial officer Peter Lewis after just a month.

A large trade at the start of business saw the share price rise to $1.17.5, although it has since fallen away to $1.16, below the $1.16.5 price it closed at last night.

The company only made an announcement on the departure of Lewis to the Australian Securities Exchange this morning, despite the news breaking yesterday afternoon in The Australian.

In its statement today the company, which issued a profit warning in May, confirmed the exit of Lewis, but said he would stay on “to agree suitable transition arrangements”.

CEO Rhys Holleran said: “On behalf of the SCMG Board and Management, I wish Peter well in his future endeavours.”


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