Ann: Investor briefing script, page-13

It seems as though business momentum has been maintained and no major underlying issues with fundamentals at the bottom of the change in management.

However, in my opinion this seems to be another case of a CEO being grossly over rewarded for the contribution they've delivered to the company. I don't have a lot to quibble about in terms of Jayne's decisions but given the management team seems reasonably consensus based it's hard to see the value she has delivered. Leaves a sour taste given the lengths the board went to to accommodate her entry and the resulting controversy over the share sales.

But leave out any gender based criticisms please. I don't believe Jayne's tenure has been particularly distinguished but I could easily name any number of male CEOs whose recent performance has been demonstrably worse than Jayne's. In her case it's just the entry and exit that grates more than any management mistakes.

Thinking about it now I expect that it grates more because we had been used to such exemplary management and stability before her arrival and this comes as a nasty surprise at a time when I personally thought she would have learned enough about the business to really start delivering value for her generous CEO remuneration.