The fallout from Mike Cannon-Brookes’ AGL raid continuesJohn Shakespeare
The Atlassian co-founder is deep into energy giant AGL,owning more than 11 per cent of its stock,which he used last month to help derail the company’s controversial demerger plans.
But Morgan Stanley analystsRob Koh andSarah Kerr reckon there could be some collateral benefit for the climate-focused corporate raider,writing in a briefing note on Thursday that:“The unprecedented market suspension highlights energy market volatility,with both AGL and Origin[Energy] potentially benefiting from high prices and AEMO compensation.”
Heaven knows the AGL share price could do with something right now,down again on Thursday,3.73 per cent this time.
Meanwhile,the company is facing a crisis with its top jobs in flux. AGL was unable to update us on the process of replacing departing chairmanPeter Botten,chief executiveGraeme Huntand the two non-executive directorsJacqueline Hey andDiane Smith-Gander.
Cannon-Brokes,who has signalled an activist approach to filling some of those vacancies,made it clear this week that there would be no easy rides in the AGL boardroom.
“This is not your standard ASX board job,” he told theAustralian Financial Review’s ESG Summit. “If you want to get paid a couple of hundred grand,drink some coffee at the top of the building,turn up every couple of months,this is not the job for you.”
Grunter joins NRL
Grant “Grunter” Williams,NRL’s new executive general manager,communications comes to the league with quite the CV. Grunter spent nearly a decade in the NSW police force,where he was a detective dealing with crimes far grislier than a Mad Monday gone wrong.
A stint as a technical adviser for a Nine cop dramaWater Rats led to a 20-year career with the network,where he rose the ranks to runA Current Affair. Then,former NSW police commissionerMick Fuller brought him back to the force as executive director of public affairs – the two were so tight they even had shares in racehorses together.
Williams was out soon afterKaren Webb succeeded Fuller in the top job. A league man since the age of five – he basically grew up at Leichhardt Oval – Williams told CBD he saw the NRL gig up for grabs and made himself available.
Grant Williams (right) during his time as head of NSW police media,with Assistant Commissioner Mark Jones.Edwina Pickles
“I had intended to really kick off my consulting business,but then a dream job came up,” he said.
As fate would have it,Grunter’s announcement came just hours after ARL Commission chairman and Racing NSW chief executivePeter V’landys landed a lunch with Queen Elizabeth II. How’s that for a day one PR coup?
Crutchfield keeps zipping
When high-profile Melbourne barristerPhilip Crutchfield QC walked away as chairman of ZipCo,things were looking golden for the by-now-pay-later company.
Two weeks after announcing his departure,ZipCo shares were peaking at $14.53. Since then,Zip’s stock price has been in freefall,recording a drop of more than 90 per cent from those heady days to its current price of just $0.50.
According to ZipCo’s annual reports,Crutchfield had about 3.81 million in shares when he left,and was apparently in no rush to sell at the time. And he still has no regrets about not cashing in earlier.
“Well I remain a shareholder in Zip,” Crutchfield told CBD this week. “In fact,I bought some more shares yesterday.”
Despite a worldwide cooking of the BNPL sector,the Crutch remains optimistic about the company he joined in 2015.
“I’ve seen management in the past navigate extremely stormy seas successfully,and based on my knowledge of the business model,it stacks up in good times and bad,” he said.
Whatever the cost of loyalty,Crutchfield is doing all right for himself. He also chairs trading platform Superhero – which recently merged with crypto exchange Swyftx and added former ASIC chairmanJames Shipton to the board – along with the Bell Shakespeare theatre company.
Josh for AFL?
Before losing the Liberal heirloom of Kooyong,former treasurerJosh Frydenberg was considered a future prime minister. Now,the footy world is losing its mind over rumours Josh could settle for the biggest job in Melbourne,succeedingGillon McLachlan as AFL CEO.
The frenzy has led Sportsbet to open a market on Frydenberg’s next role. Currently,he’s got odds of $3.75 to run the AFL,followed by $4 for a Victorian state MP,$5 to run Carlton FC (where he’s number one ticket-holder) and $15 forSky NewsAustralia host.
CBD recently reported Frydenberg has rented office space in South Yarra,and is pursuing miscellaneous private sector opportunities. And while we hear he’s been inundated with offers,nothing is firm yet. But that won’t stop the rumour mill going wild.
Walkleys x Love Island
In a humorous case of worlds colliding,the Walkley Foundation’s mid-year journalism awards at the Ivy Ballroom on Wednesday night shared a venue withLove Island Australia’s launch party,held upstairs at the precinct’s exclusive rooftop Pool Club.
The few brave journalists who snuck in were quickly sent packing. But CBD’s spies heard things were far quieter among the reality TV mob,with the bar tab dry by 9.30pm. Maybe journalists are more fun after all.
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