oOh!media Limited (ASX: OML) has made an ASX announcement this morning outlining that Managing Director, CEO and Board member Brendon Cook intends to step down from all his roles during 2020. The company has confirmed that Mr. Cook will remain as MD and CEO and on the Board until oOh!media completes a global executive search to find a suitable replacement.
oOh!media Limited (ASX: OML) falls 7% after Managing Director, CEO and Board member Brendon Cook steps down from his roles. (Credit: The Australian)
As the founder of oOh!media, Mr. Cook’s expertise was integral to the establishment, growth and success of the company since 1989. As such, the market did not react favorably to the announcement, with the company’s stock falling 7% shortly after market open, making it one of the worst performers in the ASX 200 index. However, if investors are still content with OML’s fundamentals, this news may present an opportunity to pick up the stock at a relative discount.
oOh!media Limited is an Australian outdoor advertising and media company based in Sydney, Australia. The company is one of Australia’s largest operators of out of home advertising products. The company has a market capitalization of $872 million and is currently trading at its lowest value since early December, with today’s news contributing to the less than favorable FY20 experienced so far, where the share price has fallen around 20%. OML is expected to pay a fully franked dividend of 3% this year.
In the announcement the company also confirmed its upgraded FY19 Underlying EBITDA earnings guidance to be in the range of $138 million to $143 million.
This article has been prepared by the Australian Stock Report Pty Ltd (AFSL: 301 682. ABN: 94 106 863 978)
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