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The Tesserent Ltd (ASX: TNT) share price has taken a dive and fallen about 12% in the past month. This comes despite the internet security services provider releasing a couple of positive announcements to the ASX.

At the time of writing, the Tesserent share price is up 1.21% today to 17 cents apiece.

What’s dragging Tesserent down?

Investors seemed unimpressed by the company’s efforts to boost its cybersecurity presence, sending the Tesserent share price south.

The first notable fall was on 19 November, when the company provided the market with a business update.

While the release highlighted a 372% increase in annual turnover against the prior year, investors shrugged off the good news. In addition, there were some organisational changes which saw a reshuffle of management personnel.

The release, along with the annual general meeting (AGM) later that day, failed to change investor thinking. Over the following 3 trading days, the Tesserent share price sank by almost 20%.

The other significant fall came on 6 December, despite no announcements from the company. Tesserent shares fell heavily, down 11% to a 52-week low of 15 cents. The trend, however, was quickly reversed when Tesserent announced the acquisition of 2 companies the next morning.

Tesserent shares rose 16%, with management noting that the latest purchase would cement its position as the leading provider of cybersecurity solutions.

Tesserent expects both additions to immediately integrate into its ecosystem. This is particularly the case with its North Security business, which leads the company’s federal government team and delivers large multi-year projects.

Tesserent share price summary

Over the past 12 months, the Tesserent share price has continued its declining trend to post a loss of about 50%. The company’s shares reached a 52-week high of 44 cents in January, before gradually treading lower throughout the year.

Tesserent commands a market capitalisation of roughly $203 million, with approximately 1.2 billion shares outstanding.

The post Why has the Tesserent (ASX:TNT) share price tumbled 12% in a month? appeared first on The Motley Fool Australia.

More reading

• Tesserent (ASX:TNT) share price leaps 10% on acquisition news
• What’s with the Tesserent (ASX:TNT) share price wobbles today?

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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The Strike Energy Ltd (ASX: STX) share price is rocketing higher on news its Project Haber has received major support from state and federal governments.

The project’s potential as a domestic urea manufacturer has seen it awarded Lead Agency Status from the Western Australian government. At the same time, the federal government has provided it with a $2 million grant as part of its Supply Chain Resilience Initiative.

At the time of writing, the Strike Energy share price is 19.5 cents, 8.33% higher than its previous close.

Let’s take a closer look at today’s news from the oil and gas explorer and developer.

Strike Energy share price surges on Wednesday

The Strike Energy share price is in the green as its Project Haber is recognised for its importance to the Australian economy.

The news is timely given Australia is on track to run out of AdBlue, of which urea is a major ingredient, in a matter of weeks.

The shortage has been born from the ongoing energy crisis in the northern hemisphere, which has seen energy diverted from urea manufacturing to provide heating and power.  

Subsequent export restrictions on urea have boosted the Middle East urea spot price to more than US$1,000 a tonne.

Additionally, Australia’s only urea production facility, run by Incitec Pivot Ltd (ASX: IPL), is due to close next year.

According to Strike, losing Australian urea production will leave the country reliant on imports from the Middle East and China. As a result, farmers will be exposed to international market conditions.

The Western Australian government’s recognition of Project Haber sees it assigned a case manager.

That manager will assist in its tracking and approvals management and interagency coordination.

Further, the Western Australian mid-west is set to be home to “hydrogen hubs” following a push from the state’s government.

That could see $117.5 million of funding – which the Commonwealth Government might match – funnelled to the region.  

Project Haber is set to be one of Australia’s largest hydrogen-consuming facilities. Thus, it could be strategically important to the local hydrogen economy.

What did management say?

Strike Energy CEO and managing director Stuart Nicholls commented on the news driving the company’s share price today:

The award of this Supply Chain Resilience grant and West Australian Lead Agency Status is recognition of the importance of Strike’s pursuits at Project Haber, to not only domesticate the nitrogen fertiliser industry but also dramatically reduce the carbon footprint of the Australia’s agricultural emissions.

News from South Erregulla

Potentially also sending the Strike Energy share price higher today is news of the company’s South Erregulla gas field.

The company has begun mobilising equipment to the field to start drilling the South Erregulla-1 (SE-1) well.

The primary objective of the well is to delineate around 350 petajoules of high confidence resource. Doing so should secure the gas requirements for Project Haber from Strike’s permits.

That gas feedstock could also let the company progress banking and equity processes with gas to cover the tenor of any debt facilities.

The post Strike Energy (ASX:STX) share price leaps 8% on government recognition appeared first on The Motley Fool Australia.

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Motley Fool contributor Brooke Cooper 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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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has followed the lead of US markets and is on course to record a sizeable decline. At the time of writing, the benchmark index is down 0.6% to 7,333 points.

Four ASX shares that are not letting that hold them back are listed below. Here’s why they are charging higher:

Challenger Ltd (ASX: CGF)

The Challenger share price is up 1.5% to $6.70 after naming its new Chief Executive Officer. According to the release, the annuities company has hired from within, promoting Nick Hamilton to the top job. Mr Hamilton has been the Chief Executive of Challenger’s Funds Management business since 2019.

Helloworld Travel Ltd (ASX: HLO)

The Helloworld share price is up 5% to $2.41. This morning the travel company announced the sale of its corporate and entertainment travel businesses in Australia and New Zealand to Corporate Travel Management Ltd (ASX: CTD) for $175 million. This comprises $100 million in cash and $75 million in Corporate Travel Management shares.

Lake Resources N.L. (ASX: LKE)

The Lake Resources share price has risen 2% to 85 cents after releasing a drilling update from its Kachi Lithium Brine Project. According to the release, new drilling reinforces prior results, supporting the potential expansion of future production to 50,000 tonnes per annum of lithium carbonate equivalent.

Strike Energy Ltd (ASX: STX)

The Strike Energy share price is up 5.5% to 19 cents. This follows the release of an update on its Project Haber. According to the release, the strategic significance of Project Haber to the national economy has been recognised at both a State and Federal level. This has seen the project awarded Lead Agency Status from the WA Government and a $2 million grant by the Federal Government as part of the Supply Chain Resilience Initiative.

The post Why Challenger, Helloworld, Lake Resources, and Strike Energy are charging higher appeared first on The Motley Fool Australia.

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• ASX 200 (ASX:XJO) midday update: CSL upgraded, Westpac AGM update
• Helloworld (ASX:HLO) share price surges 10% on $175m asset sale
• Why is the Corporate Travel Management (ASX:CTD) share price halted?
• Here’s why the Strike Energy (ASX:STX) share price is surging 13% today
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Helloworld Limited. The Motley Fool Australia owns and has recommended Helloworld Limited. The Motley Fool Australia has recommended Challenger Limited and Corporate Travel Management Limited. 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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Of all the exchange-traded funds (ETFs) on the ASX, there are very few that actually cover property assets. We Aussies love to talk about, invest in, and wax lyrical over property. And yet, it forms a rather small corner of the overall ASX share market.

There are still a few property focused-ETFs out there though. There’s the SPDR S&P/ASX 200 Listed Property Fund (ASX: SLF) and the VanEck Australian Property ETF (ASX: MVA). But the most popular by far is the Vanguard Australian Property Securities Index ETF (ASX: VAP).

This property-focused ETF from Vanguard mirrors the S&P/ASX 300 A-REIT Index. As the name implies, this index tracks ASX-listed Real Estate Investment Trusts (REITs) according to market capitalisation. The provider tells us that it’s designed to provide exposure to the retail, office, industrial and diversified property sectors.

So if you’re invested in VAP, what kinds of investments are you actually putting your money into?

What’s in your VAP?

Well, here’s a breakdown of this ETF’s current top holdings and their fund weightings (as of 31 October):

1. Goodman Group (ASX: GMG) with a 25% weighting
2. Scentre Group (ASX: SCG) with a 10.65% weighting
3. Dexus Property Group (ASX: DXS) with a 7.94% weighting
4. Mirvac Group (ASX: MGR) with a 7.55% weighting
5. Stockland Corporation Ltd (ASX: SGP) with a 7.38% weighting

The ETF has a current total of 32 holdings, but those are the 5 most prominent. As you can tell, an investment in VAP right now constitutes a significant investment in Goodman Group alone, with its 25% weighting in the ETF. Goodman is a REIT specialising in industrial and commercial real estate.

It’s made a name for itself as one of the most forward thinking real estate companies on the ASX over the past few years. It inked a deal with Amazon.com, Inc. (NASDAQ: AMZN) last year to host one of the e-commerce giant’s warehouses. But Goodman has been working with Amazon for years now, likely helping to bolster its reputation with ASX investors along the way.

Scentre Group, another top VAP holding, is the Australian and New Zealand arm of the old Westfield Group. This REIT owns the Westfield shopping centres across these two countries.

Dexus, another REIT, is one that focuses on offices. Mirvac and Stockland are both diversified REITs, owning a collection of shopping centres, offices, industrial estates and retirement villages between them.

So that’s what you’re invested in if you currently own VAP units.

The Vanguard Australian Property Securities Index ETF charges a management fee of 0.23% per annum. It has returned 21.15% over the past year, as well as an average of 13.11% per annum over the past 10 years. VAP currenlty offers a trailing yield of 3.7%.

The post Own the Vanguard Australian Property ETF (ASX:VAP)? Here’s what you’re invested in appeared first on The Motley Fool Australia.

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Motley Fool contributor Sebastian Bowen 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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The BNK Banking Corporation Ltd (ASX: BBC) share price is soaring in lunchtime trade amid confirmation of an acquisition deal.

Shares in the company are currently swapping hands at $1.22 apiece, up 17.87%, at the time of writing.

Let’s take a look at what BNK Banking Corporation announced today.

Why is the share price surging?

BNK has agreed to sell 100% of its subsidiary Finsure to MA Financial Group Ltd (ASX: MAF) for roughly $151.6 million.

The sale price represents a 66% premium to BNK’s market capitalisation before it announced it was undertaking a strategic review in September.

The ongoing review, due to be completed in early 2022, aims to improve value for BNK shareholders. The sale of Finsure is one of its outcomes.

Finsure is a leading Australian mortgage aggregator with a lending portfolio of $60.8 billion, focused on the home lending market.

Earlier today, MA Financial confirmed it had entered into a binding agreement with BNK to acquire its mortgage broker network.

The acquisition is expected to take place in the first half of 2022 and is dependent on regulatory approval.

Management commentary

Commenting on the news impacting the BNK Banking share price, chairman Don Koch said:

After a detailed assessment, the Board believes the sale of Finsure to MAF represents a compelling outcome for all BNK stakeholders, including shareholders, our people and customers.

The sale price of $151.6 million cash is an attractive valuation and will deliver significant value to BNK shareholders.

The sale price represents a 66% premium to the undisturbed market capitalisation of the group prior to announcement of the strategic review on 21 September 2021.

While Finsure has been growing strongly, the opportunity to be part of MAF, a larger and more diversified financial services group, will accelerate Finsure’s ability to grow its presence in the Australian financial services market.

BNK Banking share price snap shot

Today’s news coincides with another surge in the BNK Banking share price. It’s up more than 74% in the past 12 months.

The company’s shares have surged 22% in the last month alone and gained 18% in the past week.

The company has a market capitalisation of nearly $141 million, based on its current share price.

The post Here’s why the BNK Banking (ASX:BBC) share price is surging 18% today appeared first on The Motley Fool Australia.

More reading

• Top brokers name 3 ASX shares to buy today
• Rio Tinto (ASX:RIO) share price climbs amid $3.2 billion Mongolia ‘reset’
• Why is Macquarie bullish on the Newcrest (ASX:NCM) share price?
• Move over Magellan (ASX:MFG). This global equities manager is gunning for pole position
• Here’s why the Blackmores (ASX:BKL) share price is sliding today

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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Many of Australia’s top brokers have been busy adjusting their financial models again, leading to the release of a large number of broker notes this week.

Three ASX shares brokers have named as buys this week are listed below. Here’s why they are bullish on them:

CSL Limited (ASX: CSL)

According to a note out of Macquarie, its analysts have retained their outperform rating and $338.00 price target on this biotherapeutics giant’s shares. This follows news that the company is acquiring Vifor Pharma for $17 billion. Macquarie expects the deal to be earnings per share accretive in FY 2023. The broker also sees opportunities for CSL to scale and grow Vifor’s renal business to support its longer term growth. The CSL share price was trading at $297.27 prior to its trading halt.

Nearmap Ltd (ASX: NEA)

A note out of Morgan Stanley reveals that its analysts have retained their overweight rating and $3.20 price target on this aerial imagery and location intelligence company’s shares. Morgan Stanley notes that Nearmap has just revealed strong growth in the North American market during the first half of FY 2022. In light of this, the broker is expecting a strong first half result in February. The Nearmap share price is fetching $1.53 this afternoon.

NEXTDC Ltd (ASX: NXT)

Another note out of Macquarie reveals that its analysts have retained their outperform rating and $16.10 price target on this data centre operator’s shares. Macquarie notes that NEXTDC has just acquired its first edge data centre. The new centre is located in Maroochydore on the Sunshine Coast. Macquarie sees a big opportunity in edge data centres, which service regional areas and have the potential to offer greater returns than current centres in capital cities. The NEXTDC share price is trading at $12.26 on Wednesday afternoon.

The post Top brokers name 3 ASX shares to buy today appeared first on The Motley Fool Australia.

More reading

• ASX 200 (ASX:XJO) midday update: CSL upgraded, Westpac AGM update
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• 5 things to watch on the ASX 200 on Wednesday
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Motley Fool contributor James Mickleboro owns NEXTDC Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended CSL Ltd. and Nearmap Ltd. The Motley Fool Australia owns and has recommended Nearmap Ltd. 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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The Rio Tinto Limited (ASX: RIO) share price is rising. It’s currently up 0.8% amid news of a Mongolian reset to the tune of $3.2 billion.

Oyu Tolgoi is located in the South Gobi region of Mongolia. It is is one of the largest known copper and gold deposits in the world. When the underground mine is eventually completed, it will be the world’s fourth-largest copper mine according to Rio Tinto. It’s not the only copper interest that Rio Tinto has.

Open pit mining began at Oyu Tolgoi in 2011, it’s jointly owned by the government of Mongolia, which owns 34%, and Turquoise Hill Resources, which owns 66%. Rio Tinto owns 50.8% of Turquoise Hill Resources and manages the operation on behalf of the owners.

Mongolian reset

After years of delays and setbacks, it seems that Rio Tinto is on track to expand the Oyu Tolgoi copper project.

The offer from Rio Tinto and Turquoise Hill Resources is to cancel US$2.3 billion of debt owed by Mongolia to Turquoise Hill Resources.

The suggestion is improved terms from a 2015 finance agreement that would underpin the expansion.

If the debt is written off, it would speed up when Mongolia can receive the economic benefits.

The purpose of the offer is to reset the relationship and allow all parties to move forward together, with Mongolia wanting a better deal.

What’s the offer to Mongolia?

According to Turquoise Hill Resources, the offer includes, among other elements, a proposal to forgive and write-off the entirety of the approximately US$2.3 billion carry account loan owing by the Mongolian-owned shareholder (Erdenes) to the company and cancellation of the UDP agreement.

Turquoise Hill and Rio Tinto have been in months of discussions to understand the Government’s issues and priorities, deliver greater economic value to Mongolia.

In a statement, Turquoise Hill said:

Turquoise Hill remains committed to working with the Government of Mongolia to advance the Oyu Tolgoi project for the benefit of all stakeholders, including securing approval for the commencement of the undercut as quickly as is practical following the entering into of a definitive agreement among the parties. Negotiations continue and remain subject to required approvals, with all parties focused on being in a position to finalise an agreement. A further market update will be provided as and when appropriate.

Rio Tinto share price snapshot

Over the last six months, Rio Tinto shares have dropped by 22% amid the heavy decline of the iron ore price.

However, over the last month the Rio Tinto share price has actually risen by around 8%.

The post Rio Tinto (ASX:RIO) share price climbs amid $3.2 billion Mongolia ‘reset’ appeared first on The Motley Fool Australia.

More reading

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Motley Fool contributor Tristan Harrison 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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Shares in gold miner Newcrest Mining Ltd (ASX: NCM) are edging lower today and are now trading less than 1% down at $23.03.

It’s been a difficult period for Newcrest investors lately, with the share price giving lumpy returns over the past 6 months. In that time it has come off a high of $27.80 and traded as low as $22.21 – its 52-week low – before recovering a small distance.

Why then, is the team at Macquarie so bullish on Newcrest Mining? And why does it see a potential valuation increase with Newcrest’s increased production? Let’s take a walk through and see for ourselves.

What’s Macquarie see in Newcrest?

The investment bank reckons that Newcrest gives investors a leveraged exposure to gold prices coming into FY23 and FY24, as the gold miner’s Lihir mine ramps up in Papua New Guinea.

Macquarie notes that in its estimates, a 10% increase in the price of gold will transpose a 32% increase in Newcrest’s earnings in the coming years.

It sees this in combination to a 20% gain in net present value (NPV) on the valuation of the site. In effect, any increase in the price of gold bodes well to Newcrest’s bottom line and share price, the broker says.

Not only that, but Macquarie also reckons that Newcrest “offers leverage to copper prices, and a 10% increase in copper price translates to a 9% earnings upside and 10% valuation improvement”.

Ramping up production just might be the flavour of the month for Newcrest, as it announced the NSW government had approved plans to increase capacity at its Cadia Valley gold mine, located just outside of Orange NSW, to 35 million tonnes of ore each year – up from 32 million tonnes previously.

Macquarie expected the approval, factoring this into its own commentary and analysis of the numbers in Newcrest’s investment debate.

The firm values Newcrest at $34 per share and rates it as a buy right now, implying more than 47% upside potential at the time of writing.

What’s the sentiment on Newcrest?

Meanwhile, Newcrest is catching the attention of more than a few other brokers as well. Out of the list of analysts provided by Bloomberg Intelligence, 11 have Newcrest as a buy, whereas just 5 are neutral on the direction of its share price.

Each of Morgan Stanley, Credit Suisse, Goldman Sachs, Jefferies, JP Morgan, Scotiabank and Morgans reckon that Newcrest has plenty more legs to grow.

Therefore it appears the sentiment on Newcrest is bullish right now, despite the spread of valuations ranging over 36% from $34 down to $25, in the same list discussed earlier.

Nevertheless, the consensus price target on Newcrest is $29.13 right now, suggesting that there is still around $6 of headroom for Newcrest to grow to its fair value based on these estimates.

The Newcrest share price is down almost 14% in the past 12 months and has fallen another 11% this year to date.

In the past month, the trend has continued and shares are down 9%, whilst dipping a further 1% in the past 5 days of trading.

The post Why is Macquarie bullish on the Newcrest (ASX:NCM) share price? appeared first on The Motley Fool Australia.

More reading

• Newcrest (ASX:NCM) share price slides despite US$37 million payday
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• Top brokers name 3 ASX shares to buy today

The author has no positions 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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When it comes to ASX fund managers, none has been more prominent than Magellan Financial Group Ltd (ASX: MFG) over the past few years. Before 2020, the talk would have been rather positive, one would guess. That’s because the Magellan share price rose more than 200% between December 2016 and February 2020.

But the past two or so years have been the exact opposite. Questions over the company’s direction, as well as creeping underperformance in its flagship Global Fund, have weighed heavily on investors’ minds since the onset of the pandemic. More recently, speculation regarding Magellan boss Hamish Douglass’ personal life, as well as the abrupt departure of its CEO Brett Cairns, seem to have further dented confidence.

Magellan shares are now down more than 45% year to date in 2021, as well as more than 60% from their 2020 peak of more than $70 a share. Today, the Magellan share price is sitting at $28.99 at the time of writing, down 3.01% for the day so far.

Perpetual throws down the gauntlet

Perhaps today’s sell-off is related to one of Magellan’s peers and rivals. Perpetual Ltd (ASX: PPT) shares are faring far better today. They are holding their ground at the time of writing at $35.44 a share, doing far better than Magellan. This could be related to the company’s announcement yesterday before market open.

Yesterday, Perpetual released the presentation for its Investor Day held last week. And it makes for some interesting reading (and viewing). Here, Perpetual outlined its vision going forward, and it seems Magellan is firmly in the company’s sights. Here’s some of what Perpetual CEO Rob Adams said during the presentation:

Over the last 25 years in the Australian retail marketplace…there’s been three dominant winners in global equities. And each had dominance for around 8 or 9 years. It was Kerr Neilson at BT, then it was Kerr Neilson at Platinum, then it’s been the team at Magellan… I want to position us to be the next winner. 

We are a competitor to Magellan… It’s important that we show strong outperformance, we are, and some of our competitors happen to be not performing well then that increases the opportunity for us.

In addition to these visionary statements, Perpetual also highlights its $101 billion (as of 30 September) of assets under management, which indeed is creeping closer to Magellan’s current $116 billion. That’s up significantly from the $28 billion Perpetual recorded in FY2020. No doubt helped by the acquisitions of Trillium Asset Management and Barrow Hanley over the past two years.

How does Magellan measure up?

So it remains to be seen whether Perpetual can overtake Magellan as a “dominant winner” of the ASX fund manager space. But now you know what the company is aiming for.

At the current Perpetual share price, this fund manager has a market capitalisation of $2.01 billion. It also commands a price-to-earnings (P/E) ratio of 26.8 and a dividend yield of 5.08%. In contrast, Magellan Financial Group currently trades with a market cap of $5.4 billion, a P/E ratio of 20.12 and a dividend yield of 7.26%.

The post Move over Magellan (ASX:MFG). This global equities manager is gunning for pole position appeared first on The Motley Fool Australia.

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Motley Fool contributor Sebastian Bowen 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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Shares in vitamins and supplements retailer Blackmores Ltd (ASX: BKL) have started the session poorly and are currently trading over 3% down at $90.32.

Whilst there’s been no price-sensitive information released by the company today, it did announce a transition of its CFO to be completed in February 2022. Here are the details.

What did Blackmores announce?

Blackmores advised that its current CFO, Gunther Burghardt, is leaving the company to pursue personal interests. Gunther will leave in late February 2022 following the release of Blackmores’ half year results.

Burghardt commenced with Blackmores in January 2020, and has played an “instrumental role in stabilising and helping get the transformation and strategic plan for sustainable growth underway”.

The company also advised that one Patrick Gibson to assume the CFO role from Burghardt next year. Gibson is a “proven CFO and business leader” and comes with a 30-year career in finance and over 20-years of consumer products sector experience in Europe, the Middle East, and Africa, per the release.

Prior to working at GWA, Gibson was CFO at Goodman Fielder and held senior roles at Brambles Limited (ASX: BXB) and Unilever.

Speaking on the announcement, Blackmores Chief Executive Officer, Alastair Symington said:

Gunther has been a valuable contributor to the Executive Team and a trusted leader within the organisation over the past two years. On behalf of the Board, we sincerely thank Gunther for his significant contribution to Blackmores and wish him and his family the very best for the future. It is always important to have succession planning underway and we are very pleased to welcome Patrick Gibson to the role of Chief Financial Officer.

Symington continued:

Patrick has an outstanding track record of delivering significant business improvements and long-term shareholder return. His extensive ASX-listed finance, operational and commercial experience will be an asset to our Executive Team, and we look forward to continuing the work already underway to grow Blackmores.

Blackmores share price summary

The Blackmores share price has gained 12% in the past 12 months after rallying 19% this year to date.

In the past month, it has reversed course and slipped 7% into the red.

The post Here’s why the Blackmores (ASX:BKL) share price is sliding today appeared first on The Motley Fool Australia.

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The author has no positions 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 recommended Blackmores Limited. 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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