Very hard not to view Hearn's departure as a major long-term positive.
IMO for the past few years he was only hanging around to save face and not depart on a low.
He was hugely unpopular with shareholders and regularly received large protest votes against him.
Judging by hearing him speak at every AGM for the past 7 or so years, he strikes me as quite arrogant and in complete denial over the company's missteps and complacency in the lead up to COVID, which lead to the great unravelling during 2020. To him it was all 'external factors' and nothing to do with management.
By contrast, I've seen numerous concessions on the part of the new CEO, flagging things like over-reliance on daigou, a complete lack of product innovation and so forth. Seems to me Bortolussi has gradually gained influence whereas Hearn's has waned. And already that shows in the company's trajectory.
Expect to hear from Hearn today that A2 is the 'Dyson' of its industry, one last time before he is thankfully out the door.
A2M Price at posting:
$6.15 Sentiment: Buy Disclosure: Held
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