Don't know where you got that idea. Yes, there was a changing of the guard and had it not happened I would have sold out. What CEO resigns but then wants to stay on as a Non-Executive Director - its like ex PM's wanting to sit on the back bench and say they wont interfere and we all know what we think about that. Unless it's been offered then you should clear the decks and move onto your new venture. If you are staying in the industry, in fact, it's not in the interests of those remaining to have you at the table.
The logic here is that he owns a fair number of shares and that is a motivation but should probably have been dealt with before he resigned. Owning shares does not guarantee a seat in the boardroom. They have been investing heavily in the securities business and the Royal Commission has hurt all the wealth management businesses and SEQ has a large investment in the Financial planning industry. Look at the OVH and other companies all saying the last 6 months have been very hard.
SEQ Price at posting:
25.0¢ Sentiment: None Disclosure: Held
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