Vocus Group Ltd (VOC) $2.46 / +4.24%
Hire Kevin Russell as MD/CEO, stock rallies on the news
Market Matters Take
The stock popped on the appointment of Kevin Russell into the top job today as MD & CEO of the group. Mr Russell comes with good experience in the Australian retail telecommunications market, having been the retail executive at Telstra, and CEO of consumer at Optus. He was also in the top job at Hutchinson Three UK between 2007 & 2011, starting at a time when the business was under fire running heavy losses, before turning it into a solid business over his time – experience he will no doubt lean on in his new role at the battle hardened Vocus. The appointment is short term positive for the company, we like the stock technically however Vocus will come under pressure if it fails to deal with current debt levels – the risk of a capital raising remains high.
Vocus (VOC) Chart