Follow the money: Executive moves in ASX shares

Every week, there are very interesting moves among the management of ASX listed companies. These can sometimes be attributable to poor performance but are also often due to genuine retirement or the seeking of new opportunities. Here are a number of ASX shares to keep an eye on because they either have a sudden executive vacancy, or because they have just filled a vacancy with somebody of note. 

Moves in consumer ASX shares

Late last month, Mr Michael Butler retired from his role as chair of Adairs Ltd (ASX: ADH). Mr Butler is a veteran of many boards. In 2010 he was the chair of AMP Superannuation, a subsidiary of AMP Limited (ASX: AMP). Since then, he has enjoyed appointments as director of Metcash Limited (ASX: MTS) and Total Tools before taking the helm at Adairs. Whilst there, Mr Butler oversaw Adairs’ ASX listing, a transition of CEOs, the acquisition of Mocka, and navigation of the transformational COVID-19 pandemic.

Among other news in ASX retail shares, was the resignation of Myer Holdings Ltd (ASX: MYR) chair, Mr Garry Hounsell. In a particularly rancorous affair, Mr Hounsell resigned mere hours before the company’s annual general meeting (AGM). Mr Hounsell had been fighting a rearguard action against the chair of Premier Investments Limited (ASX: PMV), Solomon Lew.

With 10.8% ownership of Myer shares, Premier Investments, and in particular Mr Lew, became vocal after the annual report when the company posted a loss of $172.4 million. However, once Geoff Wilson, of Wilson Asset Management, declared his opposition to the chair’s re-election, Mr Hounsell resigned. Wilson Asset Management owns 7.8% of the company. 

JoAnne Stephenson has been appointed acting chair whilst a global search is underway.

Mining changes

Rio Tinto Limited (ASX: RIO) non-executive director, David Constable, will be stepping down from the company, effective 31 December. Consequently, he will be moving to take up a role as chief executive of engineering giant Fluor Corp (NYSE: FLR). Mr Constable has held various roles with Fluor from 1982 to 2011, including group president, operations and group president of the power business.

Meanwhile, Sandra Dodds has joined the board of ASX share OceanaGold Corp (ASX: OGC) as a non-executive director, effective immediately. Sandra Dodds is a very experienced non-executive director with a career spanning over 25 years thus far. As well as OceanaGold, Sandra is a non-executive director for Snowy Hydro Limited, and Maca Ltd (ASX: MLD).

In other mining news, director Darren Yeates has resigned from the board of ASX share Emeco Holdings Limited (ASX: EHL) after accepting an executive role at Peabody Energy Corporation (NYSE: BTU). The Emeco board will seek to appoint a new director. Yeates is the new executive vice president and chief operating officer at Peabody Energy, effective 1 November. He has been on the Peabody board since February 2020 and will remain as a non-independent director.