Bruce Mathieson slams Endeavour performance, wants board shake-up

The news: The biggest shareholder in pub and pokies owner-operator Endeavour Group has slammed the company's board for poor performance, Nine newspapers reported on Wednesday. Billionaire pub baron Bruce Mathieson, who owns 15% of the group, has called for the ousting of chair Peter Hearl and chief executive Steve Donohue. Mathieson is backing former Myer chair Bill Wavish to become an independent director.

The numbers: Endeavour Group last month announced a 6.9% increase in full-year net profit after tax to $529 million, but its share price has fallen more than 25% in the past 12 months. Endeavour shares were down 1.13% at 11am AEST, fetching $5.24.

The context: Endeavour demerged from Woolworths in 2021. Mathieson says Endeavour's decision to implement Victoria's incoming poker machine laws 10 months early has cost the group millions in revenue. Last week, the ACCC outlined competition concerns with Endeavour's proposed acquisition of the Rye Hotel in Victoria.

What they said: “I don’t think anyone in this country would stand by the performance of this group under the leadership of Peter Hearl and Steve Donohue. It has been an absolute disaster and their decisions have been disgraceful,” Mathieson said on Tuesday.