It was the only option in my opinion. The relationship between Rob Woolley and Jan Cameron had, from media reports, become untenable. Therefore, given that Jan Cameron, as with Bellamy's, has a significant shareholding of Tasfoods the continuation of status quo would not function well for Tasfoods and could negatively impact investor and consumer perceptions of the company.
Although the chair is a very important role, don't let this event cloud your judgement and think as an investor that you should rush for the exits. Executive management are responsible for the strategic direction and guidance of the day-to-day operations of the business and at this level there has been no change - and experience level is sound.
Rob Woolley remains a significant shareholder of the company, and his son is an executive, so will be interesting to see what happens on both of these fronts in coming months.
The foundation is set for this company to grow (just look at the way in which they are applying intrinsic value to Meander Valley in the Financial Statements) and although all of these recent developments have been less than ideal i still believe in their vision and the prospects for profitable growth and positive shareholder returns in the future.
TFL Price at posting:
15.0¢ Sentiment: Hold Disclosure: Held
