Hedge fund VGI Partners says the sudden departure of Corporate Travel Management chairman Tony Bellas is yet another "red flag" for the company that remains a target of its activist short campaign.
The long-serving chairman will step down with almost immediate effect, to be replaced by Westpac Banking Group director Ewen Crouch.
Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com
