Two of Australia’s biggest companies, BHP and Woodside Energy, are getting new CEOs, and both are internal appointments. The Big Australian has appointed Brandon Craig, a 53-year-old South African born miner, who is a naturalised Australian, and has been with BHP for almost 30 years. A mining engineer by training, he will take over on 1 July and his big job will be to expand the miner’s copper prospects.Woodside Energy has appointed acting chief executive Liz Westcott as the permanent successor to Meg O’Neill. It is a critical time for the energy giant, with oil and gas markets in turmoil over the war in the Middle East, and Woodside in the middle of a major expansion. The announcement follows a recent trend of new CEOs in large listed companies on the ASX.
The federal government will today appoint a new fuel czar to co-ordinate the national response to the global energy crisis that has threatened domestic supply chains and led to petrol and diesel shortages in regional Australia, and price spikes across the country.
Given the excitement of recent weeks, it was a relatively calm day on the share market, with the S&P/ASX 200 closing up 0.3 per cent to 8641 points. The top performing stocks were scrap metal group Sims, after upping its earnings forecast, and Droneshield, which is up nearly 50 per cent since the Middle east war seemed likely.
Prime Minister Anthony Albanese yesterday said Al Minhad airbase, which houses Australia’s Middle East headquarters, was struck by an Iranian projectile yesterday morning. Australia also got a mention from Donald Trump when he listed countries he wasn’t happy with for not sending military support to the Middle East.
Australia is well positioned to avoid a recession, notwithstanding the energy crisis, according to the PM, with growth the strongest in three years. Still, he said he’d be announcing new measures designed to shield Australia from global uncertainty in coming days.
The world of container shipping has been turned upside in recent weeks with carriers adding thousands of dollars in extra charges and dumping containers at far-flung ports, according to shipping groups and removal companies.
Fear-o-meter
Two new CEOs of top ten companies on the ASX continues the turnover in corporate Australia.
The average CEO tenure is six years but in the past 12 months or so there’s been new bosses at BHP, Woodside, Rio, ANZ, Newmont, BlueScope, Sonic Healthcare, Treasury Wine Estates, Endeavour, CAR Group, REA, Star Entertainment, Ramsay Health Care, the list goes on.
Analysts say the market has shifted from a post-COVID phase to an AI and energy phase for businesses. That takes different skills.
Another difference for leaders is operating in an inflationary world. That hadn’t happened since before the global financial crisis, but post COVID price rises means leaders needed to focus more on costs and capital discipline.
Also, active investors, to differentiate themselves, are very … active. Managers need to perform.
Being a CEO of a listed company is a tough job – investors, boards, staff, customers, all with something to say. CEOs deserve all they earn.
Greed-o-meter
Much of the focus has been on flow of the oil held up by the Middle East conflict. But the Strait of Hormuz is also critical to the world's fertiliser supply, particularly the nitrogen-based fertiliser urea, with a prolonged disruption threatening global agricultural production and food prices.
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