Southern Cross shares open up despite departure of CFO
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.”
Can someone explain rationally how a company as big as SCA can hire a CFO with an impressive history thru a recruitment process or not, and 30 days in, that guy walks? How can you make up your mind in 1 month you got it wrong or the employer got it wrong.
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I would suggest enormous pressure on the CEO Holleran.
CFO walks – Kyle & Jackie O walk – and Sth Cross should walk from Ten Affiliation.
Asleep at the wheel.
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@old timer – easy.. the CFO got in, saw what the true state of the copmany was (which is not revealed in interviews as its market sensitive), and decided thats not the job he thought he was getting into. better to leave quickly than drag it out for months/years being unhappy
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Peter Lewis as CFO of Seven’s interests would eat SCA for breakfast – it’s a minnow against a giant. Know the guy and hmmm probably right. Can of tuna left in the sun smells off
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