“He left the firm in 2017 after its decades-long growth and change under his leadership,” it continues.
Change is certainly one way of putting it. Slater & Gordon became the country’s first listed firm, joining the bourse at $1 per share in 2007.
Certainly, Grech navigated the ambulance chasers through some significant growth, with its share price hitting $8 several years later. But he later oversaw huge losses and a near-$1 billion write-down that slashed 99 per cent of the company’s value and left its carcass in the hand of hedge funds.
Perhaps clients looking for advice on strategic development might like to know about the day in June 2015 that the company admitted it had made a $90 million error in its accounts. Or the ludicrous profit guidance it provided to investors a few months later, ditched after just weeks.
But hey, maybe that’s just us.
GROUNDWORKS UNDER KING COAL
Mike Henry’s elevation to BHP’s top job has ended speculation about who would succeed Andrew Mackenzie as the Big Australian’s chief executive.
But it has set off a new round of murmurs about the fate of his one-time leadership rival Peter Beaven.
As reported here in September, chief financial officer Beaven pulled the pin on the leadership race, citing family reasons to those within BHP’s Melbourne headquarters. If family reasons really were to blame for the aborted leadership bid wouldn’t they also make it difficult for Beaven to perform the equally taxing job running the company’s complex finances?
Mike Henry will be in the hot seat at BHP.Credit:Matt Golding
Regardless, it’s very common for a new CEO to change the senior executive ranks. For example, Rio Tinto’s iron ore boss Andrew Harding resigned shortly after he was beaten to the top job by Jean-Sebastien Jacques.
Meanwhile, Mackenzie’s admirable goal to increase the number of women in BHP executive roles remains unfulfilled. As we wrote last month, just 420 of 1626 managers are women.
The name most frequently mentioned as a rising star is recently promoted chief commercial officer Vandita Pant. If Beaven was to leave, could there be a second promotion for Pant in the space of just 12 months?
TEA WITH A BILLIONAIRE
And while one mining giant was finalising its leadership, another had dispatched its chief for a week of local site visits and fireside chats with