The leadership update in May disclosed that Larry would gradually hand the US business over to the Joe, the new US CEO, and was returning to AU with family. Although he stayed as US chairman and Executive director at that time, it's a clear sign that Larry had planned to quit the business and start his new life. So his leave should not be too surprising, and a transition plan is not necessary given his involvement in daily operation of the business is less crucial. The only surprise was the $100M sale, which caused lots of speculations and market volatility. It would be very concerning if larry quits immediately from a CEO role, but clearly that's not the case. The market was fully informed about his transition from CEO to a relatively supportive role (as an ED) and his plan to go back to AU. So I don't think his leave means anything wrong with the business.
ZIP Price at posting:
$2.91 Sentiment: Buy Disclosure: Held
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