As predicted, Boral chairman Kathryn Fagg has wielded the sword and chief executive Mike Kane is stepping down. After August! Boral’s dozy board has subjected its shareholders to this many consecutive periods of value destruction – what’s one more?
Having downgraded FY20 guidance (his sixth downgrade, preposterously, in under two years) and restating FY19 and FY18 earnings, you have to wonder what stupendous miscarriage would be required to see Kane depart (with full pockets) right now.
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Joe Aston is the founder of Rampart and the best-selling author of The Chairman’s Lounge: The inside story of how Qantas sold us out. From 2012 to 2023, Joe helmed The Australian Financial Review’s Rear Window column. Email Joe at hello@rampart.news
