Archived News for Executives and Senior Management

The British defence giant BAE Systems has appointed a new executive from Britain to head its Australian operations.

The company has announced that David Allot, the current managing director of BAE Systems’ UK Based Global Combat Systems, will replace departing Jim McDowell as chief executive of BAE Systems Australia.

Mr McDowell, who has served in the position for more than a decade, will be departing to head up BAE Systems Saudi Arabia.

Centro directors and CEO plead for clemency

Seven of the eight Centro team involved in the company’s controversial financial misconduct allegations have asked the Federal Court to spare them any forms of punishment.

Sonray chief faces jail over theft and deceit

Sonray Capital Markets chief executive of finance is facing jail time for his role in stealing funds and making false and misleading account entries valued in the millions of dollars.

Senior Fairfax exec stands down

Fairfax Media’s most senior executive, Don Churchill, has announced his retirement from his position.

Commbank chief vows to drive customer focus

Incoming Commonwealth Bank of Australia (CBA) chief executive Ian Narev has vowed to continue the bank’s aggressive customer-focus overhaul after he takes the reins in December.

Opes chiefs jailed

The two chiefs of the failed broking firm Opes Prime have received jail sentences for their role in the collapse of the company.

Citibank appoints new non-executive director

Citibank Australia has appointed Samantha Mostyn as the company’s newest non-executive director of Citigroup Pty Limited, the legal representative Citibank trading in Australia.

Qantas CEO pushes for globalisation

Qantas chief executive Alan Joyce has stated that an integrated global approach is crucial to the survival of Australia’s largest carrier.

QBE splits and reshuffles business

QBE has announced that it will split its Australia and Asia-Pacific operations as the bank prepares its aggressive expansion strategy across the Asia region.

Commonwealth Bank appoints new CEO

Racing executive charged over $15 million in fraud

A former executive of Emirates Park Stud has been charged with fraud offences totalling nearly $15 million.

Opes Prime directors plead guilty

Former directors of now insolvent Opes Prime Stockbroking Lirim Emini and Anthony Blumberg have pleaded guilty to charges relating to the collapse of the firm in 2008.

Corporate insolvencies on the rise

Official figures released by ASIC reveal that corporate insolvencies have risen 4.4% in the 2010-11 financial year to date.

ASIC’s Senior Executive Leader of the Insolvency Practitioners team, Adrian Brown, said that despite a decrease in external administration appointments in May compared to the same time last year, the latest figures show the number of court liquidations and director initiated creditors voluntary liquidations have risen.

"Statistics collated by ASIC up to and including May 2011, show court liquidations in Australia rose 8.6% and director initiated creditors voluntary liquidations rose 7.6%. Western Australia is also seeing its fair share of corporate insolvencies, despite suggestions that it’s in the fast lane of a two speed economy," Mr Brown said.

"Interestingly, receivership and voluntary administration appointments, Australia-wide, have fallen," Mr Brown added.

ASIC publishes monthly insolvency statistics detailing the number and type of corporate insolvency appointments. External administrators, (liquidators, receivers and managers and voluntary administrators) are obliged by law to advise ASIC of their appointments.