Gaines stresses exit isn’t a real exit; cautionary tale for new Ladbrokes ambassador
Fortescue chief Elizabeth Gaines was at pains to stress her exit from her current position wasn’t an exit per se, but there’s no doubt the high-profile WA businesswoman will be benefiting from a little more free time come 2022.
Announcing the move to a media pack in Sydney on Friday, notably far away from their spiritual home of WA, Gaines and chairman Andrew Forrest defended any suggestion Gaines was leaving.
“I don’t see this as a departure of any shape or form. I think that this is just the opportune time,” Gaines noted.
“Fortescue is genuinely transitioning and this is a great time for us to appoint only its fourth CEO.”
With east coast journalists generally not so familiar with all things mining the duo fielded questions on topics such as Gaines’ most memorable moments (starting their indigenous contractor program), Forrest’s aspirations on land as compared to that of Jeff Bezos’ interstellar aspirations (he’s saving this planet first) and even potential advice to prospective candidates who might happen to be tuning into the local 6pm news (learn their 10 values).
All avoided difficult questions like the group’s staff turnover in recent months, which has been the talk of the west.
Gaines will take a board seat and become what the duo described as a “global ambassador” for FFI, but won’t have any time for other executive roles, noting: “I think this is going to take up a reasonable amount of time even for a non-executive director”.
Which leaves us wondering whether there might be a little time in the calendar to join the family business?
Sister Jo Gaines, former policy adviser to Mark McGowan, recently joined third sister Alison Gaines at her Gaines Advisory, which boasts services in international strategic advisory and international board search.
We note the group weren’t tapped for Fortescue’s current recruitment process – that’s a matter for Swiss outfit Egon Zehnder.
No doubt their skill set could be buoyed by another Gaines.
–
Lesson in diplomacy
New life as a brand ambassador for Ladbrokes doesn’t look too bad for three-time Melbourne Cup-winning jockey Glen Boss, who just this week swapped the silks for a suit and tie with the Entain-owned betting outfit.
Bossy is the latest hire for the group, a move announced in tandem with his retirement from the sport at the end of November, though we do note in the weeks since he has pledged to come out of retirement for the Saudi Cup.
And no doubt there’s a little extra info in his induction package thanks to the recent misadventures of fellow ambassador, outspoken trainer Peter Moody.
Recall only weeks ago Moody gave a serve to WA Premier Mark McGowan over a perceived injustice for the racing industry.
“Every man and his dog was allowed to fly in for the AFL grand final, and players and everyone and they won’t let horses come fly in for the racing carnival. I think the West Australian Premier needs to pull his head out of his arse and have a look at how many people the racing industry employs in his state,” he raged in his weekly podcast.
That little outburst cost the personality $2000 thanks to a fine from Racing Victoria, but more importantly it isn’t quite the way to butter up a potential business partner – the WA government.
Entain is bidding alongside the likes of Tabcorp and betting tycoon Matthew Tripp in the current three-horse race for WA’s TAB asset TABTouch, with expressions of interest currently under evaluation by the powers that be at WA Racing.
Successful bidders are expected to go through to direct negotiations early next year, with a deal to be sealed mid-2022.
With months to go, and McGowan’s track record as the butt of all manner of name-calling jokes, who knows what will come before then.
–
Labor of love
Could this be a sign of AMP’s leaning ahead of next year’s federal election?
End of year drinks for federal Labor’s Business Forum were hosted by the chair of the financial services group, Debra Hazelton, at its recently upgraded offices on Thursday night, and Labor leader Anthony Albanese drafted in close to his entire shadow cabinet for the event.
The packed-out crowd included Seven’s head of corporate relations and government affairs Clare Gill along with her predecessor Bridget Fair, now chief of FreeTV.
Australian Hotels Association boss Stephen Ferguson also was spotted among the crowd, along with a bevy of biotech representatives including Sanofi’s Penny George, Pfizer’s Josh Bihary, and AstraZeneca’s Kieran Schneemann.
New Responsible Wagering chief Justin Madden was doing the rounds, as was external relations director at Lion Dan Holland.
On the same day as the media diversity report dropped and just days after Albanese’s 2030 climate pledge, safe to say there would have been plenty to discuss.
High-wire act
The fate of long-running troupe Circus Oz was sealed on Friday, the group publicly announcing it would fold after failing to secure the support of two key funding bodies, as previously flagged by Margin Call.
But on all accounts the move to wind up the group and put its staff out of work was largely avoidable. The 100 company members, made up predominantly of former Circus Oz employees, failed to support a motion to install “an entirely skills-based board” along with diversifying its representation.
Such skills, it would seem, don’t extend to fire twirling, chainsaw juggling or tightrope walking, which the current board seemingly has plenty of.
At present, directors include a circus practitioner in Chad Albinger, juggler and aerialist Sue Broadway and Flying Fruit Fly Circus artistic director Anni Davey.
Still, there are a few more conventional skill sets among them.
Former Australian of the Year Tanya Hosch also gets a look-in as does Peter MacCallum foundation chief Kate Torney, IP law consultant Margaret Beattie and strategic planning facilitator James Atkins.
At least they’ve all got a few things to fall back on.
Jet-setting Craven bets big on Darwin
The talk of Darwin has been a stealthy visit by crypto billionaire Ed Craven who quietly touched down on Thursday on a mission to submit the paperwork for a coveted local bookmaker’s licence.
Cup-winning trainers, an accountant and the missing $460k
What’s happened to hundreds of thousands of dollars in Melbourne Cup prize money? It’s a story of debt, bankruptcies, court battles, and disputes between friends and business partners.