Riverstone Board and Executive Digest Week Ending 7 February 2021

Welcome to the latest Riverstone digest, our regular “snapshot train journey” bite size view of senior appointments and movements, together with an overview of our views, market news, and current information of interest to boards and senior executives.

If you would like to let us know of senior appointments and changes at your organisation, or for a confidential discussion on market conditions, please contact Daniel Coone, on 0400 389 763 or by email at [email protected]   

Flash View

·        The IPO fintech market remains buoyant with online trading services provider Superhero reportedly doing the rounds for pre-IPO finance. We expect there to be a slew of fintech IPOs in 2021, which will all require senior leaders and credible boards to be in place for successful launches and growth.

·        We still see Fortress Australia as being beneficial for domestically based talent looking to make a move in the current environment, especially as it looks like vaccination timelines and hence border openings will be pushed out further that expected with the increased risk of mutant strains.

·        The RBA’s accommodative statements have buoyed the ASX as we enter reporting season. Post results, many companies will be looking to their strategic objectives and the senior appointments and movements required to achieve these.

·        There is no doubt that government stimulus programmes have buoyed confidence and hence consumer spending; however, at this stage, most of these measures will be wound down by late March. Packaging business Amcor has been a particularly strong beneficiary as we all sit at home awaiting our wrapped parcels to be delivered outside our door.

·        Lazard will be leaving Australian shores to focus on its US business, leaving some of its Australian staff to create a domestic capability, headed up by Andrew Leyden, that will still retain its links to Lazard US.

·        In the M&A space, the renewables sector remains hot, with Tilt Renewables attracting interest from several domestic and international suitors including Mercury NZ and Caisse de Depot.

·        Global optimism has driven crude oil prices to a 12-month peak with bellwether West Texas Intermediate hitting US$55 a barrel.

This week will be an important one for company reporting.

Daniel

Significant recent appointments over the week.

Wesfarmers

Anil Sabharwal has been appointed an independent non-executive director.   Mr Sabharwal is Vice President of Product Management at Google.

Dexus

Warwick Negus has been appointed an independent non-executive director. Warwick is a former Chief Executive of Colonial First State Asset Management.

Asahi Australia

Roland Von Bommel has been appointed Chairman of Asahi Holdings Australia. 

Australian Energy Market Commission

Anna Collyer has been appointed Chair of the Australian Energy Markets Commission. Anna is a former Partner and Head of Innovation at Allens.

James Hardie

Suzanne Roland has been appointed an independent non-executive director.

Credit Corp

Eric Dodd has been appointed Chair. Eric is a former CEO of IAG and MBF Australia.

QBE

Sue Houghton joins QBE as Chief Executive Australia and Pacific from Westpac, where she was General Manager, Insurance.

State Super

Keri Pratt becomes General Manager of Defined Benefits, Assets and liabilities reporting to the Chief Executive Officer.