Endeavour's CEO Departure May Rattle Investors -- Market Talk

Dow Jones09-30

0102 GMT - Australian drinks and hotel company CEO Steve Donohue is stepping down earlier than expected, which could create some near-term volatility in the stock, Goldman Sachs analysts Lisa Deng and James Leigh tell clients in a note. No replacement is immediately apparent, with Endeavour saying it is engaging external advisors to help find a new CEO. The Goldman analysts, however, are still bullish on Endeavour, saying they believe a newly strengthened board will be able to appoint a new leader who can deal with a complex operating environment. "We continue to believe that the company's core businesses are high quality," the analysts say. Endeavour shares fell 2.5% on Friday after the announcement, but were up 0.8% in early trade today to A$5.03/share. (mike.cherney@wsj.com; @Mike_Cherney)

(END) Dow Jones Newswires

September 29, 2024 21:02 ET (01:02 GMT)

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