WIN - Winton Land

[Mos]

Peculiar trading halt announcement this afternoon from Winton - material leadership announcement coming. Share price down by around one third this year.

https://www.nzx.com/announcements/474984

[moose]

Probably a "hands issue":
1. Hands off the tiller - yes the share price is down 30% but given the overall sector dynamics probably cant be pinned completely on the CEO. Also the Oligarcic managment style goes against this
2. Hand in the cookie jar - possible but unlikely - I'm sure the senior execs have all got their money safely hidden away in separate entities.
3. Hands somewhere else..... WIN hasn't got the greatest track record of staff relations (https://www.stuff.co.nz/business/360632166/ceo-falling-out-executive-assistant-over-bad-business-class-seat-costs-company-100000), but.....

[Southern Lad]

https://api.nzx.com/public/announcement/475065/attachment/471369/475065-471369.pdf

Interesting announcement.  Chris Meehan taking leave from CEO position for health reasons, coming during the concluding stages of a Board lead employment process with Mr Meehan.

No mention of taking leave from his Chair and Board role (for health reasons) but this role is presumably not subject to the employment process, but rather shareholder appointed directorship and board elected Chair.  Will the Board have the courage to move to elect a new Chair or even an acting Chair?

[Basil]

Looks like he's ruffled too many feathers too often both within the company's staff and management and at board level and he's persona non grata now.  Julian Cook could be a good replacement chair although he's very busy trying to keep SKC out of trouble.

[Crackity]

Looks like he's ruffled too many feathers too often both within the company's staff and management and at board level and he's persona non grata now.  Julian Cook could be a good replacement chair although he's very busy trying to keep SKC out of trouble.

The Meehans owned 55% off Winton last time I looked - dunno what to think about a Board led Employment Process - seems unwieldy yet oddly specific phrasing

hmmmmmm

[Basil]

Dipping his nib into the company ink, (so too speak) or gross misconduct in some other manner I reckon.  Not surprised.  Someone I know who has some experience with this suggested in quite diplomatic terms that you have to treat him with "kid gloves" at all times.

[Shareguy]

FB has just released a research note and have downgraded from  $2.75 outperform to NZ$1.70 Neutral.

[Crackity]

FB has just released a research note and have downgraded from  $2.75 outperform to NZ$1.70 Neutral.

How brave of them

What do they know that we don't?

Is it related to the slightly opaque corporate structure / the Maccas influence / the general NZX listed company property malaise ( PFI excepted) / or other?