It’s not often that you see the CFO of the biggest business on the ASX leave to join another. But that’s what has happened.
CSL CFO David Lamont has announced that he intends to resign effective from 30 October 2020.
CSL said that Mr Lamont has overseen a transformation of the company’s finance function during a period of significant growth of the company since he joined in January 2016. The giant healthcare business said he was influential on several important projects including reshaping the company’s Enterprise Resource Planning.
CSL CEO Paul Perreault said: “David has been an integral part of the success of CSL over the last four years and has been a key member of the company’s global leadership team. We will all miss his contribution to CSL and together with the board of directors I wish David every success in his new role.”
What did BHP say?
BHP reminded investors that he had previously held senior roles at BHP between 2001 and 2006, including being CFO of the company’s carbon steel materials and energy coal businesses.
Current CFO Peter Beaven will continue as CFO until 30 November 2020 to provide ongoing leadership until he can handover to Mr Lamont into early 2021.
Mr David Lamont said: “I am delighted to rejoin one of the best companies in the world. BHP has strong values and a robust financial position, making this an exciting opportunity to be part of a team that can generate returns to shareholders over the long term and make a positive difference to local communities and global markets. I look forward to working with Mike and the team.”
This is an interesting development and a loss for CSL. I wonder how BHP and CSL will go over the next few years – how much influence will one person have? I wouldn’t necessarily buy or sell shares because of one person.
Disclosure: At the time of writing, Jaz doesn’t own shares in any of the businesses mentioned.