Vocus Communications Limited (ASX: VOC) has managed to fill its vacant Chief Financial Officer role with Mark Wratten set to join the team late in January.
Vocus, one of the country's largest telecommunications businesses, was left without a permanent CFO when Rick Correll suddenly announced he would vacate the role on 21 September. There were already concerns regarding the business' future prospects before that as this followed an update from its rival TPG Telecom Ltd (ASX: TPM) which suggested earnings may slow down for the industry as a whole.
Meanwhile, Vocus soon endured the departure of two of its board members (Executive Director James Spenceley and Non-Executive Director Tony Grist) in the weeks that followed. Then, as if to rub salt into the wounds, the shares plummeted again late in November after its Annual General Meeting. That was likely a result of the underperformance of its recently acquired Nextgen business.
All in all, Vocus's share price has plunged almost 60% since it peaked at $9.40 in May this year. Shares have recovered roughly 1% today following Mark Wratten's appointment as the group's new CFO.
Mr Wratten was the CFO for Recall Holdings until May 2016. At that time, it was delisted from the ASX upon being acquired by Iron Mountain Incorporated. Before that, he also held a number of senior finance roles across Brambles Limited (ASX: BXB).
Vocus' CEO, Geoff Horth, said: "We are very pleased to welcome Mark to Vocus. Mark's strong track record of finance leadership and transformation will be invaluable as we continue the work of integrating the recent acquisitions, and leveraging the world class trans-Tasman infrastructure platform we have established."
Although Vocus certainly has a number of issues it needs to resolve across its business, the shares have endured a very sharp sell-off. While more conservative investors may want to steer clear for now, others may think it is worth a closer look at these prices.
