Angus Aitken’s note on Michelle Jablko
Read the full text of Angus Aitken’s email on Michelle Jablko’s appointment as ANZ chief financial officer.
Subject: ANZ -that new CFO has to be one of the dumber appointments I have seen....another reason to not own this stock -Sell ANZ.
G`day, former investment bankers tend to be crap at most things in the listed world. The only exception to that rule is Chris Mackay and Hamish at Magellan but they are pretty unique. Comparing this CFO to Craig Drummond isn’t the same, he was one of the top rated and best bank analysts for 20 years then ran JB Were and Merrills, a pure investment banker is vastly different.
UK clients last night were completely amazed that they would appoint a CFO whose last major deal was advising Slater and Gordon to buy the Quindell assets form over $1bn last year that are now worth bugger all. I would be surprised if you saw anything but selling of ANZ from UK investors let alone anywhere else.
I reckon ANZ is a 5 year plus turnaround, its going to be very hard to sell stakes in emerging market banking assets in Asia during this current period of volatility in my view.
I mean don’t get me wrong, we all get things wrong –look at some of my stock ideas….but hey I am never going to be CFO of ANZ bank either.
ANZ –sell
PS why do investment bankers do these gloat stories post deals? You just look like a tool
Gus A
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