Codan (ASX:CDA) share price edges higher on CEO replacement

The company's shares are pushing higher…

The Codan Limited (ASX: CDA) share price is in positive territory during early afternoon trade. This comes after the technology company announced a leadership reshuffle for its top job.

At the time of writing, Codan shares are fetching $10.45, up 0.58%.

two businessmen shake hands in a close up mid-level shot with other businesspeople looking on approvingly in the background.

Image source: Getty Images

Codan finds CEO successor

Investors are pushing Codan shares higher after the company updated the ASX with its latest news.

In its announcement, Codan advised it has appointed Alf Ianniello as the new managing director and CEO.

Ianniello brings a wealth of experience to the role, having been CEO of Adelaide-based Detmold Group for 14 years. Prior to that, he held a number of senior positions during his 12-year international career. These include roles at automotive and defence companies, Schefenacker Vision Systems, and British Aerospace

Ianniello has a Bachelor of Engineering, majoring in Electronic Engineering. He completed the Wharton Business School Global CEO program at the University of Pennsylvania in 2012.

The inclusion follows an extensive search process which found a strong list of candidates, both internal and external.

Ianniello is expected to start with Codan on 4 January 2022 following the completion of his notice period. Outgoing Codan managing director and CEO Donald McGurk will retire from the role at that time.

Codan chair David Simmons commented:

On behalf of the Board, I am delighted to announce Alf's appointment. Having served on the Detmold Board for eight years up until 2019, I was able to see at first-hand that Alf was an outstanding CEO and leader. He has a proven track record of leveraging innovation and organisational capabilities and achieved significant growth in sales and profitability during his time as CEO, with revenues reaching US$450 million.

Our search criteria of appointing a CEO with international experience whilst running a complex business at scale has been fulfilled with Alf's appointment.

About the Codan share price

It's been a disappointing 12 months for Codan investors, with the company's shares falling around 5% over the period. Year-to-date hasn't fared any better, down almost 7%.

Codan presides a market capitalisation of roughly $1.88 billion, with approximately 180.88 million shares outstanding.

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Technology Shares

Woman with her kitten on a laptop in her home office.
Technology Shares

Should I buy WiseTech shares after today's big news?

I take another look at the tech stock after an important source of uncertainty was removed.

Read more »

a man sits at a computer in deep thought with hand on chin in a darkened room as though it is late and night and he is working on cybersecurity issues.
Technology Shares

Down 11% in a month: Is it time to buy Xero shares?

Have the ASX tech shares now bottomed? Or is there more downside coming?

Read more »

A group of seven young people of different genders and cultural backgrounds stand in a group with serious expressions wearing casual young persons' attire.
Technology Shares

Nextdc vs WiseTech: Which ASX tech stock is better for a 25 year old investor?

Weighing Nextdc vs WiseTech Global for a young investor? Here’s which ASX tech stock I think deserves the spot in…

Read more »

Man analysing data on his laptop.
Technology Shares

Why this rapidly growing ASX drone stock could rise 36%

Bell Potter has a lot of good things to say about this company.

Read more »

Happy mum and dad with daughter smiling on couch after relocation to new home.
Technology Shares

Down almost 40%, are Life360 shares a strong buy in October?

Bell Potter thinks this tech stock could deliver big returns.

Read more »

A group of seven young people of different genders and cultural backgrounds stand in a group with serious expressions wearing casual young persons' attire.
Technology Shares

Xero vs Megaport: Which ASX tech stock suits young investors better?

I break down Xero vs Megaport shares for young investors — with a clear verdict on which tech stock I’d…

Read more »

A young man goes over his finances and investment portfolio at home.
Technology Shares

Could the DroneShield share price reach $2 in 2027?

I look at what it would take for this fallen defence technology share to rebound.

Read more »

Piggybank with an army helmet and a drone next to it, symbolising a rising DroneShield share price.
Technology Shares

Up more than 100% in a year, why Codan shares may still be cheap

Drone warfare could underpin better than expected results.

Read more »