McInnes chair CCX

Michael Kay has lead a significant destruction in shareholder value and should tender his resignation immediately.

He presided over a $132 million, $3.05 per share, capital raising that was ultimately written off in lost Evans and Navabi investments including a disastrous investment in cheap stock also subsequently written off.

He has just delivered an after tax loss of $24,000,000 and sales reduction of 29% in the 6 months ended 31 December 2023.

He personally signed off and chaired a $97,778,000 after tax loss for the 12 months to 30 June 2023.

He has recently overseen a further 30% sales reduction in trading for the 2024 calendar year to date.

He has failed to engineer leadership change.

He has failed to lead sales and earnings accretive growth in CCX’s largest market - USA/North America.

He has failed to lead innovation and change - CCX doesn’t have something as simple as its own app.

He has failed to articulate a growth of plan for CCX and how it will build on its industry envied loyal customer base.

There is no end to the tragic results and condition Michael Kay has delivered and lead CCX towards.

Michael Kay should do the admirable thing for long suffering shareholders and leave. Depart and enjoy retirement elsewhere.

McInnes, with a proven track record at Premier and David Jones and now at the Blundy stable needs to move into the role as quickly as possible, separate to preserving and growing Blundy’s own investment.

The first change under his tenure should be to replace shareholder value destroying Phil Ryan and then systematically each of the other Board members.