My reading of the CEO announcement was to take it at face value....

My reading of the CEO announcement was to take it at face value. That it is the kind of departure if you had a family crisis or similar. If that is the case, I wish Rod all the best.
I think it is that way because the Chair’s comments weren’t neutral, and because it seems they were caught off guard - if you are pushing out the CEO you engage the recruiter and tee up a temporary replacement. This looks more like a genuine left field event to me.

Timing isn’t great, as the integration with Bright will suck some oxygen out of the business, and it would take good leadership to keep the sales momentum while that happens. A new CEO adds another challenge to that problem.

In the end, the business is strong and growing stronger, and I suspect it will be pretty easy to find a CEO to take over a business with growth all over, but a share price a bit depressed. If it was me, I’d be asking for a package weighted to share price performance, as I think even mediocre execution from here will result in share prices multiples.