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Codan (ASX:CDA) share price edges higher on CEO replacement

The company’s shares are pushing higher…
The post Codan (ASX:CDA) share price edges higher on CEO replacement appeared first on The Motley Fool Australia. –

The Codan Limited (ASX: CDA) share price is in positive territory during early afternoon trade. This comes after the technology company announced a leadership reshuffle for its top job.

At the time of writing, Codan shares are fetching $10.45, up 0.58%.

Codan finds CEO successor

Investors are pushing Codan shares higher after the company updated the ASX with its latest news.

In its announcement, Codan advised it has appointed Alf Ianniello as the new managing director and CEO.

Ianniello brings a wealth of experience to the role, having been CEO of Adelaide-based Detmold Group for 14 years. Prior to that, he held a number of senior positions during his 12-year international career. These include roles at automotive and defence companies, Schefenacker Vision Systems, and British Aerospace

Ianniello has a Bachelor of Engineering, majoring in Electronic Engineering. He completed the Wharton Business School Global CEO program at the University of Pennsylvania in 2012.

The inclusion follows an extensive search process which found a strong list of candidates, both internal and external.

Ianniello is expected to start with Codan on 4 January 2022 following the completion of his notice period. Outgoing Codan managing director and CEO Donald McGurk will retire from the role at that time.

Codan chair David Simmons commented:

On behalf of the Board, I am delighted to announce Alf’s appointment. Having served on the Detmold Board for eight years up until 2019, I was able to see at first-hand that Alf was an outstanding CEO and leader. He has a proven track record of leveraging innovation and organisational capabilities and achieved significant growth in sales and profitability during his time as CEO, with revenues reaching US$450 million.

Our search criteria of appointing a CEO with international experience whilst running a complex business at scale has been fulfilled with Alf’s appointment.

About the Codan share price

It’s been a disappointing 12 months for Codan investors, with the company’s shares falling around 5% over the period. Year-to-date hasn’t fared any better, down almost 7%.

Codan presides a market capitalisation of roughly $1.88 billion, with approximately 180.88 million shares outstanding.

The post Codan (ASX:CDA) share price edges higher on CEO replacement appeared first on The Motley Fool Australia.

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More reading

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Codan (ASX:CDA) share price hits new one-year low

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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