‘We’re impatient’: CSL defends removal of CEO Paul McKenzie on eve of earnings
Analysts are concerned the fumbled announcement of McKenzie’s abrupt departure the night before CSL’s first-half result may be an ominous sign.
CSL chair Brian McNamee has defended the shock decision to unveil the immediate exit of CEO Paul McKenzie the day before half-year results, amid criticism from analysts the announcement was “mishandled” and indicative of “poor” earnings figures.
In a hastily arranged analyst call on Tuesday evening, which Capital Brief attended, McNamee revealed the board had sat down to consider the future of the business and “recognised that [McKenzie] didn’t have the skills that we wanted for the future”.
“We discussed the question of him therefore retiring. To some degree, there were clear signs at the AGM that we had a sense of urgency, of getting on with things,” he said in response to questions from Jarden’s Steve Wheen.
“We’re impatient. Our shareholders cannot be happy with the board, because the board certainly is not happy with the performance as well,” McNamee said.
