A company’s fortunes should never depend solely on who is at the top, however the quality of leadership is a key determinant in how a company performs, both on its balance sheet and on the stock market.
Mike Smith may have been heralded as a visionary leader of ANZ, but when it was announced Shayne Elliot would be taking over the reins, ANZ’s share price rose. ANZ is still the poorer cousin of the big four and Paul Rickard rates the banks like this:
- Westpac and
Already, Shayne Elliot has said he wants the bank to reduce its focus on Asia and concentrate more on the domestic mortgage market in order to move up the Big Four rankings. If he can do that, he will definitely become a CEO to be reckoned with.