The lockdowns and travel bans triggered by the COVID-19 pandemic has forced Ansell, the protective suits and glove manufacturer to defer plans to select a new CEO by six months.
Ansell told the ASX yesterday that international travel restrictions have disrupted its attempts to assess potential candidates to long term CEO, Magnus Nicolin.
Ansell said the coronavirus crisis behind the travel restrictions had also increased the need for effective and focussed leadership.
Mr. Nicolin has therefore agreed to delay his retirement and stay at the helm for a further six months, Ansell told the ASX.
“Direct, personal engagement is fundamental to the board’s assessment and governance processes. Rather than compromise, we have instead opted to give ourselves further time and we are thankful to Magnus for enabling us to make that choice,” said Ansell chairman John Bevan.
In the statement to the ASX about the delay, Ansell also indicated that demand for its products remains strong, but gave no figures.
“We continue to see elevated demand for a range of our products,” Mr. Nicolin said.
Ansell’s products were being used across the globe by health care workers, emergency responders, and others working in industries where extra protection was needed, he said.
“As a result, we are working non-stop to optimise and expand our manufacturing and distribution capacities whilst also ensuring the protection of our own employees,” he said.
The company said it was boosting capacity for products in high demand, and working closely with governments around the world to ensure back-up supplies were available to meet future crises.
Ansell also repeated sharp criticisms it made earlier this year about price gouging by some companies involved in PPE.
The company said it was “navigating a turbulent industry where a number of operators are looking to take advantage through price gouging”. Ansell said it was not increasing prices other than to compensate for increased costs.
The coronavirus crisis has seen a surge in demand for the personal protective equipment made by Ansell such as protective body suits and gloves. It also makes some face masks as well as gloves of all types.
The company’s share price has soared over the past three months, from a low of around $21 on March 23 (when the ASX 200 hit its low) this year, to $35.67 yesterday, a rise on the day of 0.8%.
In contrast to the delay for Ansell, BHP had no trouble in finding a new Chief Financial Officer (CFO) – it simply looked elsewhere in Melbourne and grabbed the finance boss of CSL Ltd.
That means CSL is now on the hunt for a new finance boss after losing David Lamont to BHP. Mr. Lamont, who had been with the business since 2016 and will leave CSL on October 30.
CSL says “a global executive search” has begun for his replacement, the company said.
Minutes after that announcement, BHP confirmed to the ASX than Mr. Lamont would join the company as its CFO from December 1.
BHP’s current CFO, Peter Bevan will leave early in early 2021, after completing the handover to Mr. Lamont.
