February 1, 2010
Comings and goings of directors and executives at public companies can often cause sharp share price movements. This list tracks arrivals which sent the share price plummeting.
1. Peter Yates - PBL (hired)
Nervous at the appointment of an investment banker to head a media company, the market slashed 65c or 6% off PBL's share price on 28 March 2001.
2. Ziggy Switkowski - Telstra (hired)
When Ziggy was announced as Telstra's new head honcho on 16 February 1999, the market initially cut Telstra's shares by 19c or 2.3%. Whereas Neil Gamble was lucky to get on the good list above, Ziggy is unlucky to be on this list because the next day Telstra shares jumped 26c or 3.2%. Sorry Ziggy, it's a bit tough lumping you on this list, but considering TLS shares are currently below $5 over 4 years later, you will just have to cop it.
We have not yet come across any other (embarrassing) examples of management arrivals that resulted in a company's share price dropping.
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