Ord Minnett rates A2M as Lighten (4) -
The company has announced CEO Jayne Hrdlicka will step down immediately and former managing director Geoffrey Babidge will take over the role of interim CEO.
The company has reiterated guidance for FY20 revenue and operating earnings margins, and the board has introduced a medium-term EBITDA margin target of at least 30%.
The CEO has stepped down because of the travel burden which surprises Ord Minnett, as relieving her of other external commercial activities could have eased the burden but this does not appear to have been pursued by the board.
Not sure why it 'surprises' Ord Minnett if they had a good read on the CEO. It's Jayne's way or the highway. Pretty clear from Day 1 when the Board questioned on her on the TA role for which she said 'it was of benefit to A2M' somehow as opposed to her spending more time working as CEO.
Fund Mgr notes, page-32
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