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Why the VGI Partners (ASX:VGI) share price is on watch

The VGI Partners Ltd (ASX: VGI) share price is one to watch this morning after unveiling its new CEO pick to the market.
The post Why the VGI Partners (ASX:VGI) share price is on watch appeared first on The Motley Fool Australia. –

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The VGI Partners Ltd (ASX: VGI) share price is one to watch in early trade today after the Aussie equities manager unveiled the group’s new CEO pick.

Why is the VGI Partners share price on watch?

The VGI Partners share price will be one to watch following this morning’s announcement.

The board has appointed Jonathan Howie as the new VGI Partners CEO. In today’s release, the company said it followed a “comprehensive selection process undertaken with the assistance of a search firm”.

Mr Howie was most recently Asia Pacific head of index equity at BlackRock Investment Management in Hong Kong. He previously worked as head of iShares Australia from 2011 to 2018 and brings extensive leadership experience across the Asia Pacific region.

VGI Partners’ executive chair Robert Luciano said VGI was “delighted” with the appointment. “Jonathan’s appointment is part of our focus to further build out VGI’s investor relations, operational and risk management capabilities”, he said.

Mr Luciano will remain as executive chair following Mr Howie’s appointment.

Mr Howie is set to join VGI Partners on 12 April 2021 with the new CEO saying he was “excited” to join the team and “drive the next phase of growth”.

The VGI Partners share price fell 1.2% lower in yesterday’s trade to close at $7.51 per share. Shares in the Aussie investment group have fallen 12.7% in 2021 and 21.5% in the last 12 months.

Foolish takeaway

The VGI Partners share price will be one to watch this morning following Mr Howie’s appointment as the new CEO. Mr Howie is an ex-BlackRock executive who brings extensive Asia Pacific experience to help drive key strategies for VGI.

Prior to Wednesday’s open, VGI was trading at a 20.6 price to earnings (P/E) ratio with a $524.0 million market capitalisation.

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Motley Fool contributor Ken Hall 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.

The post Why the VGI Partners (ASX:VGI) share price is on watch appeared first on The Motley Fool Australia.

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