(Reuters) – Australian ‘Big-Four’ bank ANZ Group’s shareholders are set to vote on outgoing chief executive Shayne Elliott’s pay this week, while the lender is being investigated for alleged bond-trading misconduct.
Australia’s corporate regulator pulled up ANZ in May for the alleged breaches that it said occurred last year.
The CEO’s exit in mid-2025 will mark the end of Elliott’s nine-year tenure that saw him steering the bank through a Royal Commission inquiry in 2017 that had found widespread shortcomings in the financial sector.
Elliott’s is the latest among top-brass management exits at Australian companies this year that have followed scandals.
Here’s a look at five major companies that saw high-profile exits after accusations of malpractice:
STAR ENTERTAINMENT
Star Entertainment has seen a top management exodus this year after it faced a second inquiry into its Sydney casino operations in February.
The company announced the departure of its CEO Robbie Cooke and Chief Financial Officer Christina Katsibouba in March and exits of Chairman David Foster and Jessica Mellor, the CEO of its Star Gold Coast casino in Queensland, in April.
In October, the New South Wales gaming regulator allowed the Sydney Casino to stay open, but levied a fine and appointed a manager to oversee operations until March 2025.
Star Entertainment has said it looks forward to working with the regulator on the remedial measures.
Its stock price has fallen more than 60% since Feb. 16, the last trading day before the announcement of the second inquiry into the Sydney casino.
WOOLWORTHS
In February, Australia’s biggest grocer Woolworths Group said its CEO Brad Banducci would retire after eight years at the helm.
The supermarket chain, also known as Woolies, has faced political pressure over high grocery costs and a public inquiry into suspected price gouging.
Woolies has also been sued by the consumer watchdog for allegedly misleading shoppers about discounts.
Banducci has said his departure is unrelated to the public backlash amid a cost of living crisis.
Woolies has defended the price rises in written submissions to the enquiry.
Its share price has declined over 10% since Dec. 1, 2023, the last trading day before the public inquiry was announced.
MINERAL RESOURCES
In October, Mineral Resources’ billionaire founder Chris Ellison admitted failure to properly disclose revenue from his overseas entities.
A month later, the Perth-based mining services firm said Ellison will be leaving after an internal probe found he used company resources for personal benefit and evaded taxes.
