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ASX 200 flat: SEEK CEO exits, Afterpay sold off, BOQ surges higher
James Mickleboro | February 23, 2021 12:00pm |
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SEEK founder and CEO to step down
The
SEEK Limited(ASX: SEK) share price has tumbled lower today despite upgrading its full year earnings guidance. Weakness in the tech sector and news that its founder and CEO, Andrew Bassat, is stepping down appear to be weighing on its shares. Former
Commonwealth Bank of Australia(ASX: CBA) boss, Ian Narev, will replace Mr Bassat on 1 July. Mr Narev is currently SEEK’s COO. SEEK also announced plans to sell down its stake in the China-based Zhaopin business.
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Australian-based shipbuilder Austal has announced the resignation of Austal USA president Craig Perciavalle amid ongoing investigations in the United States and Australia into the company’s Littoral Combat Ship (LCS) program dating back to before mid-2016.
Austal USA, a wholly owned subsidiary of Austal Limited (ASX:ASB), is a major defense contractor and is responsible for building the Independence-class Littoral Combat Ships (LCS) and multipurpose Expeditionary Fast Transport (EPF) for the U.S. Navy.
Austal said the investigations by U.S. authorities, namely the Department of Justice and the Securities Exchange Commission, concerns the write back of work in progress (WIP) attributable to the LCS program in July 2016, the procurement of certain ship components, and the charging and allocation of labor hours.