CountPlus has announced that a new employment agreement will not be entered with current chief executive and managing director Matthew Rowe who is contracted until 24 February 2022.
Current CFO, Laurent Toussaint, has agreed to take on the interim CEO role from that date, while Mr Rowe will assist with an “orderly handover”.
Mr Toussaint has served as CountPlus’ CFO since 2018 and previously worked at professional consultancy firms including Deloitte Australia and Deloitte and Touche.
“CountPlus will shortly commence a search process to appoint a permanent CEO, including interviews with internal and external candidates,” the company said in a statement.
“This process will be led by the board with the assistance of an executive search firm.”
CountPlus said there are no other changes to the board, with independent non-executive chair Ray Kellerman to support Mr Toussaint.
Maybe the new CEO will remove the 12 months fee free for advisers?
Just look at the market cap of CUP. It hasn’t moved in 5 years under his tenure. Rowe been all talk and no value creation for this business. This makes a laughing stock of the boards executive incentive scheme that rewarded EPS growth. That’s pretty easy to do when you move money from the company’s cash holdings which earn <1% and invest in acquisitions MAYBE earning 5%+. Mathematically it is EPS growth ...... but it certainly isn't meeting investors expectations of return on capital!!!! The board needs to have a good hard look at this issue.
The only winner has been Rowe himself who will now cash in his $ million dollar salary figure without delivering anything for shareholders. Just another disgrace.
No surprises there…
Finally, that should lift the confidence of the countplus advisers
And so continues the absolute debacle that Countplus has been over the years.
Don’t bang the door on your way out!