Graceful or not. Who exited fastest in 2020?
As this is the last print edition of Money Management for 2020 but Christmas is still some weeks off, Outsider thought he would start a new tradition – The Rapid Exit Award – and it turns out that 2020 has a few candidates vying for the laurels.
There was, for instance, the somewhat pre-emptory announcement of the exit of Alex Wade as chief executive at AMP Limited which was much more surprising and much more rapid than that of his companion at AMP Capital, Boe Pahari, who did not so much exit as move aside. There was also the consequent exit of AMP chairman, David Murray.
Then, too, Outsider wonders whether Australian Securities and Investments (ASIC) chairman, James Shipton, should be considered in the award stakes because while he has not exactly exited the building he surprised many by telling a Parliamentary Committee he would be standing aside pending the outcome of an independent investigation into the bill for his private tax advice being picked up by the tax-payer.
Shipton’s deputy chair, Daniel Crennan QC also stood aside over the nature of his removal expenses but Outsider regards him as a scratching from the awards because he has subsequently announced his resignation.
But then, as is often the case, there was a late entry in the awards – the exit of Rod Bristow as chief executive of Clime Asset Management – something announced so close to the daily close of the Australian Securities Exchange that Outsider nearly missed it.
Having weighed up the pros and cons, Outsider is awarding the 2020 Christmas Rapid Exit Award to Bristow for both its timing and the absence of any immediate formal explanation.
He wishes all those who have exited or stood aside in 2020 a restful festive season and the hope of better times ahead in 2021.