Insights

Why the SEEK (ASX:SEK) share price just hit a record high

It has been a good day for the SEEK share price…
The post Why the SEEK (ASX:SEK) share price just hit a record high appeared first on The Motley Fool Australia. –

The SEEK Limited (ASX: SEK) share price has been pushing higher again on Thursday.

In early trade, the job listings company’s shares rose 3% to a record high to $34.15.

This latest gain means the SEEK share price is up almost 17% since the start of the year.

Why is the SEEK share price pushing higher today?

Investors have been bidding the SEEK share price higher today following the release of an update.

According to the release, in line with previous announcements, SEEK’s co-founder Andrew Bassat has stepped down as Managing Director and Chief Executive Officer (CEO) today. Replacing him at the helm is former Commonwealth Bank of Australia (ASX: CBA) CEO, Ian Narev, who has commenced in the role this morning.

Andrew Bassat is expected to transition to a new role as Executive Chairman and CEO of an independent SEEK Investments entity in due course. In the meantime, the Board has appointed Mr Bassat as a non-executive director of SEEK, effective today.

SEEK’s Chairman, Graham Goldsmith, commented: “On behalf of all at SEEK and our shareholders, I would like to thank Andrew for his vision, leadership, passion and commitment. Andrew has led SEEK for more than 23 years and leaves the business in a strong position. We are fortunate to retain Andrew’s experience on the SEEK Board and his entrepreneurial drive in his new full-time role as Executive Chairman and CEO of SEEK Investments.”

“Over the last 2 years, Ian has led SEEK’s operating businesses including making a significant contribution through a challenging 2020. Ian has a strong track record in public company leadership, digital transformation and strategy and we are fortunate to have such a high calibre leader succeed Andrew. I am confident this will be a seamless transition,” he added.

SEEK Investments update

In February SEEK announced that it was undertaking a review of various options to provide SEEK Investments with a greater degree of independence, focus and access to third party capital, and to allow SEEK to retain significant economic exposure to SEEK Investments.

Today’s release explains that the review is progressing and SEEK will provide an update to the market with its full year results. This could potentially see SEEK become the latest ASX 200 share to undertake a demerger. We’ll find out in August.

The post Why the SEEK (ASX:SEK) share price just hit a record high appeared first on The Motley Fool Australia.

Should you invest $1,000 in SEEK right now?

Before you consider SEEK, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and SEEK wasn’t one of them.

The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of May 24th 2021

More reading

Is the SEEK (ASX:SEK) share price in the buy zone for blue chip investors?
3 blue chip ASX 200 shares that brokers rate as buys

2 blue chip ASX shares rated as buys

Top brokers name 3 ASX shares to buy next week

SEEK (ASX:SEK) share price hits record high and could keep climbing

Motley Fool contributor James Mickleboro owns shares of SEEK Limited. 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 recommended SEEK Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;


To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.


An active and funded account with a positive trading balance is required to continue to have access to the tools;


Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;


Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
Trade The US Market With ZERO Brokerage* + FREE Access To Trading Ideas & Value Analysis Tools. Click Here!