OCA - Oceania Group - retirement villages

[winner69]

Market does not seem to be concerned with Earl leaving and I'm not worried either. Need a numbers man in there like Julian Cook.

So Earl, being an accountant by profession, was lacking something and OCA has not done as well as it could have.

....they say accountants shouldn’t run big businesses


earl also a lawyer butvaccoubtancy seemed to be his forte

[BlackPeter]

Just had a look at the wording of the announcement re Earl leaving.

https://www.nzx.com/announcements/368720

I guess nothing too unusual with a CEO leaving after more than six years, however the timing of the handover feels a bit funny.

Earl informed the board about his resignation on the 6th of March (btw - a Saturday).

The board appointed immediately an acting CEO.

This means Earl is did not even had to wait over the weekend to go. No notice period? Wouldn't a CEO have at least something like 3 or 6 months notice? No transition required? Wouldn't he help in finding a replacement? Did Early already empty his office?

Somehow I wonder whether there might be more than they are telling us ...

[Sideshow Bob]

Just had a look at the wording of the announcement re Earl leaving.

https://www.nzx.com/announcements/368720

I guess nothing too unusual with a CEO leaving after more than six years, however the timing of the handover feels a bit funny.

Earl informed the board about his resignation on the 6th of March (btw - a Saturday).

The board appointed immediately an acting CEO.

This means Earl is did not even had to wait over the weekend to go. No notice period? Wouldn't a CEO have at least something like 3 or 6 months notice? No transition required? Wouldn't he help in finding a replacement? Did Early already empty his office?

Somehow I wonder whether there might be more than they are telling us ...

If you are going to a competitor, not unusual to be walked out the door and not work any notice period etc.

Might be more to it - but don't know. I thought it was a pretty cursory announcement - maybe the PR dept don't work over the weekend??

[Greekwatchdog]

I would have thought that Earl going to competition would force them to ask him to go immediately. It is what it is. I am sure the CFO has a good grip on things.

[Longhaul]

Earl informed the board about his resignation on the 6th of March (btw - a Saturday).

The board appointed immediately an acting CEO.

This means Earl is did not even had to wait over the weekend to go. No notice period? Wouldn't a CEO have at least something like 3 or 6 months notice? No transition required? Wouldn't he help in finding a replacement? Did Early already empty his office?

I would have hoped firstly, that he had a non-compete or stand down agreement in his contract. It seems there wasn't, so it's understandable OCA didn't want him to spend another minute as CEO while waiting to start at a major competitor.

[Baa_Baa]

Just had a look at the wording of the announcement re Earl leaving.

https://www.nzx.com/announcements/368720

I guess nothing too unusual with a CEO leaving after more than six years, however the timing of the handover feels a bit funny.

Earl informed the board about his resignation on the 6th of March (btw - a Saturday).

The board appointed immediately an acting CEO.

This means Earl is did not even had to wait over the weekend to go. No notice period? Wouldn't a CEO have at least something like 3 or 6 months notice? No transition required? Wouldn't he help in finding a replacement? Did Early already empty his office?

Somehow I wonder whether there might be more than they are telling us ...

I don't think it's all that surprising at an executive level, Earl would have said something like "I am resigning with immediate effect and have accepted a CEO position at Metlife". The Chair would then have said something like "ok if there's nothing we can do to change your mind, and you are moving to a competitor, then you can also leave immediately and your notice period will be paid out". Pop into the office tomorrow and remove your personal belongings.

[Beagle]

Probably time for some fresh vision and more determination to run a tighter ship in terms of costs and being much more assertive with unit pricing.

[BlackPeter]

If you are going to a competitor, not unusual to be walked out the door and not work any notice period etc.

Might be more to it - but don't know. I thought it was a pretty cursory announcement - maybe the PR dept don't work over the weekend??

Good point. Still - appears all a bit haphazard and unprofessional. Anyway, maybe in due time we will learn :

[swmswm]

It must have nice for him to quietly remove his belongings during the weekend with no one around to bother him.

[Sideshow Bob]

Duplication........