This was published 9 years ago
Bank of Queensland boss Stuart Grimshaw lightened the load before leaving the nest
By Colin Kruger
Maybe we should all have paid more attention when Bank of Queensland boss Stuart Grimshaw offloaded about $200,000 of the bank’s stock last month.
He will be out the door within weeks to pursue a ‘‘unique opportunity’’ in the US, outside banking.
Keeping down the aircon: BoQ's Stuart Grimshaw (left) with chairman Roger Davis at the bank's latest shareholder meeting.Credit: Glenn Hunt
One thing’s for sure, it does not sound like Grimshaw will miss the bank’s annual shareholder meetings.
He joked at a business gabfest a few months ago about the tricks BoQ has adopted to cushion the AGM’s inevitable descent into tedious questioning from the grey army that shows up every year.
“So one of the things we learnt very quickly was to make sure the airconditioning was turned down as low as we can to ensure that it’s a very short meeting,’’ he joked. “And people over 60, their ability to hear crinkle wrap come off sandwich plates is better than I’ve ever heard in my life.’’
A banker's ills
Commonwealth Bank boss Ian Narev didn't have any trouble keeping the volume low on the bank's record $8.7 billion cash profit on Wednesday.
A very hoarse Narev was battling illness through what is probably the longest day of the year for a bank boss. Then again, this has probably been a year that has included a few long days for Narev.
Fantasy bet
It says plenty about the success of James Packer’s punt on betting exchange Betfair, that he is able to buy its UK parent out of the deal for a measly $10 million 10 years after the joint venture was announced.
Back when the venture was formed, what was then the Packer family’s listed flagship, PBL, was expected to contribute $30 million to the operation in cash and services.
The deal will put a bit more daylight between James Packer’s Crown and the accident-prone Betfair UK, which has been in the news for all the wrong reasons of late.
Just this month Betfair admitted that it illegally paid up to £80 million ($145 million) in illegal dividends going back to June 2011, when it attempted to prop up a diving share price just six months after its IPO. Within days it was then forced to void betting on a soccer match that never took place between Spain’s Ponferradina and Freamunde of Portugal.
Betfair’s scorekeeper failed to realise Freamunde actually ended up playing another team.
Talk about fantasy league football!
Revolving doors
The comings and goings at Echo Entertainment are always worth a look when the annual results are announced, and here’s the latest from the casino operator's transit lounge.
Former CEO, John Redmond, departed on May 1 with little more than his base salary of $1.94 million and 150,000 shares.
We can also confirm that Sid Vaikunta’s less colourful replacement at The Star casino, Frederic Luvisutto, ‘‘did not receive any performance-based remuneration’’ with his departure.
The redundant Jupiters Casino boss Aaron Gomes scored a $489,153 redundo cheque and the latest boss of The Star, former Crown executive Greg Hawkins will walk in the door next month with a $400,000 sign-on bonus.
Next year is looking good on the incentive front for Echo's internal high-rollers. Its report says: "Incentives will be paid at 100 per cent of target under the Short-Term Incentive Plan (STPP) during FY15 as a result of performance in FY14."
Big day out
A busy day lies ahead for DEXUS head Darren Steinberg.
He heads straight from delivering his profit report this morning (his first since taking CommBank’s property arm under his wing), to presenting a big cheque for the annual fundraising for the Sydney Children's Hospital Foundation’s charity Diamond Event at the Ivy ballroom on Thursday night.
Other property heavyweights who have helped the event will be attendance including UBS’s Tim Church, and JLL mall guru, Simon Rooney.
Many will be reaching for the Beroccas on Friday morning as they head to the API NSW’s 50th Kiparra Day, (meaning meeting place) at the Sydney Hilton. The 200 registered guests will hear where the property market is heading from Westpac’s Bill Evans, Deep End Service's Kevin Stanley, JLL’s Andrew Ballantyne and BIS Shrapnel’s Frank Gelber.
Got a tip? ckruger@fairfaxmedia.com.au