Former Commonwealth Bank of Australia (ASX: CBA) chief executive Ian Narev has been appointed the chief operating officer of online jobs advertiser Seek Limited (ASX: SEK).
The New Zealander, who left CBA a year ago amid the fallout of the banks alleged breach of money-laundering and terrorism-funding laws, which led to the largest fine in Australian corporate history, will replace Michael Ilczynski on April 29.
Narev will also lead Seek’s Asia Pacific and Americas operations and will work closely in partnership with Mr Andrew Bassett on strategy development and operating priorities for the group.
Announcing the appointment, Seek Chief executive Andrew Bassat said, “We will benefit from his track record of being a proven, successful CEO of a complex organisation, with deep strategic thinking ability and an excellent understanding of the disruptive impact of technology”.
Buy, Hold or Sell
The appointment of Narev should be a positive for the company, and at the current price Seek shares look like a hold to me.
The business continues to heavily reinvest and Seek’s Chinese business Zhaopin looks to be growing rapidly. If Seek shares aren’t for you, you might also consider REA Group Limited (ASX: REA) or Carsales.Com Ltd (ASX: CAR).
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Disclaimer: Any information contained in this article is limited to general financial/investment advice only. The information has not taken into account your specific needs, goals or objectives, so please consider consulting a licenced and trusted adviser before acting on the information. Please read The Rask Group’s Financial Services Guide (FSG) for more information. This article is authorised by Owen Raszkiewicz of The Rask Group, which is a corporate authorised representative No. 1264179 of Strawman Pty Ltd (ACN: 610 908 211) (AFSL: 501 223).
Disclosure: At the time of publishing, David owns shares of Seek.