australian on line report

BABCOCK & Brown is planning to announce a complete overhaul of its business tomorrow, as chairman Jim Babcock steps aside.

The overhaul will concentrate on three key areas, infrastructure, real estate and leasing, amid a tighter corporate structure.

Long-time Babcock friend and deputy chairwoman Elizabeth Nosworthy will act in the role of chair, pending a search for a new chairperson.

Chief executive Phil Green will also relinquish his position and remain as a non-executive director.
Finance boss Michael Larkin will step into the CEO role.

Infrastructure expert Peter Hofbauer will be named as global infrastructure chief, and Eric Lucas will remain as head of real estate.

Long-time executive Rob Topfer is expected to devote his attention to Babcock Capital and will have no formal head office role.

The Larkin appointment and new company structure are aimed at pacifying the banks but, as for a long-term strategic role, it would seem Mr Larkin’s talents lie more in being a finance chief than a strategy leader.

Ernst &Young appears to have signed off on the accounts.

Babcock & Brown earlier today said a board subcommittee was meeting tomorrow.

It said the subcommittee would “consider and make a decision on board changes as part of our response to corporate governance issues that have previously been raised and management changes in the context of our announced strategic review”.

Shares of Babcock & Brown were in a trading halt.

They have fallen 87 per cent so far this year, severely underperforming a weak benchmark S&P/ASX 200 Index, which has dropped about 22 per cent.
Courtesy of THE AUSTRALIAN

Doesnt sound like to me any one external being appointed just a change of the old guard.

Doesnt impress me