Why the Cardno Limited CEO just got shown the door
Cardno Limited (ASX: CDD) announced on Friday that it had, with immediate effect, terminated its CEO Andy Goodwin’s contract.
According to the company’s announcement, this was due to his failure to follow lawful directions of the board on the Snowy Mountain Engineering Corporation (SMEC) issue. The SMEC is being investigated by the federal police over allegations of financial crimes.
The revolving door at Cardno continues to turn as this is now the seventh CEO that the company has had in less than 5 years.
With that in mind, I wouldn’t invest in Cardno right now. The role of a visionary, capable and stable management team cannot be understated. Consider the role Alan Joyce has played in turning around Qantas Airways Limited (ASX: QAN) or the role Nicholas Moore has played at Macquarie Group Ltd (ASX: MQG).
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Motley Fool contributor Kevin Gandiya has no position in any of the stocks mentioned.
You can follow Kevin on Twitter @KevinGandiya. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.