Andy Penn was made CEO in 2015 and presided over many share buybacks in 2016.
The share price then was around $5. Share buyback amount about 50 million shares (about $250 million).
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Was he not aware then that NBN will take revenue from Telstra?
Why not preserve the cash for something more productive?
The share price proceeded to gradually drop to around $3
The share buyback was a futile exercise and bordered on negligence.
Yes, he steadied the ship in the later years but I am kind of neutral on him and hope his replacement does a much better job.
Andy Penn was made CEO in 2015 and presided over many share...
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