Ann: Resignation of CEO & Managing Director, page-5

Depends partly on whether they can stick to an acquisition strategy or not I suspect. They have mentioned every reason except for them not being able able to access synergies from acquisitions for poor earnings. They even have stated that their acquisitions are going well. They have a new acquisition coming in - TIC. So why might Bundey be leaving suddenly if the board feels he is a victim of short term circumstance? Surely they could butter up his rights at the next AGM to keep him interested if they was the problem - it is a great job and well paid too - he got $2m ish (28% performance related) for FY 18 acc to the FY report. Apparently Raph Geminder is a very reasonable guy to work with too.

Many of these businesses seem significantly different to each other - like TIC with retail hangers etc. Maybe nowhere near as targeted as Amcor's acquisition strategy IMO, as PGH is becoming more a zoo rather than a stable I think. Acquisitions can bury a company if they are vicious rather than virtuous - Just thinking out loud - we need to see what comes up next, and how the acquisitions play out over time. Worst is if the acquisitions perform while the vendor is interested in them, until earn-outs are achieved, and then they no longer perform.

Easy to focus on some red flags when the CEO departs, but these might easily be red herrings too I freely admit.