In late December, just as he was about to celebrate Christmas, Nick Falloon was presented with about a dozen allegations of misbehaviour, poor business decisions and a sexist culture within the Melbourne office of Domain Holdings Australia, the real estate advertising business that had turned around the fortunes of its parent, Fairfax Media.
Falloon was chairman of both companies, and the man ultimately responsible for the conduct within them. Concerned that chief executive Antony Catalano's behaviour might not meet the standard required of a chief executive, Falloon sought advice from Domain's human resources director and lawyers, and cut short a post-Christmas holiday in Queenstown, New Zealand.
He decided that a formal investigation was warranted, and he briefed the Domain and Fairfax boards. He then asked Catalano, who was holidaying on Victoria's Mornington Peninsula, to break his leave and come in for a conversation. He didn't tell him what it was about.
Facing his colourful CEO in person, just two months after Domain had floated on **promotion blocked**, Falloon presented the allegations that had been made against him and about his business. He told Catalano the company was taking them seriously.
An angry Catalano denied doing anything wrong. He said none of the allegations could be proven because they weren't true. He then said that he had discussed his job with his family over Christmas and decided to resign, which he did on the spot.
Falloon waived Catalano's six-month notice period and girded himself to break the bad news to an unsuspecting world: the executive who had helped save a venerable media company, and had so much more work to do, had walked out.
DHG Price at posting:
$3.03 Sentiment: None Disclosure: Not Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)