Thursby trades Asia for Mid-East CBD Ben Butler
Media darling Thursby, the mastermind of ANZ's Asian strategy, quit on Wednesday morning to take up the top job at National Bank of Abu Dhabi, the biggest bank in the United Arab Emirates.
Thursby, sometimes touted as a possible successor to CEO Mike Smith, will be following in the footprints of another man who was once thought to be in line to the throne at his organisation, Ahmed Fahour. The Emiratis will no doubt be hoping Thursby lasts longer than Fahour, who was head of NAB's Australian operations and left for Bahrain investment bank Gulf Finance House. He spent just five months in the gig (July to December 2009) before the board "reluctantly" accepted his resignation so he could return home to run Australia Post. That left Ted Pretty as acting CEO. Pretty slashed costs at the struggling bank, which had been belted by its exposure to neighbouring Dubai's property bubble. He lasted a little longer than Fahour - about two years - before coming home (he now runs Hills Holdings).
As for Smith, his commitment to Asia appears undimmed: he'll be in Myanmar on Friday to open an ANZ representative office before heading off to China for the inaugural Boao Forum alongside Fortescue's Andrew "Twiggy" Forrest and PM Julia Gillard.
Pies off menu
Melbourne businessman Steven Vouzas reckons dropped Pies cost him $500,000. That's how much he's claiming for losing Collingwood Football Club as the tenant of a pub he was going to buy.
While the Pies have long written off a disastrous foray into the pub business that cost the AFL club millions of dollars, the imbroglio continues to echo in the courts.
In a battle that has reached the Victorian Supreme Court, Vouzas has taken legal action against Bleake House Hotel, which was going to sell him the Beach Hotel in Albert Park for $11 million.
Vouzas wants his $500,000 deposit back, plus interest and costs, claiming Bleake House and real estate agent Rudy Kelemen failed to tell him Collingwood had offloaded the lease over the pub to Geelong pub tsar Rick Munday.
Not so, says Bleake House, which claims that because Vouzas didn't go through with the sale, he has forfeited the deposit and should stump up an additional $2.2 million for "loss and damage".
In his statement of claim, Vouzas alleges he met Kelemen in October 2008 and asked about rumours Collingwood had sold the Beach Hotel lease, to which Kelemen responded there was "no truth" to it and "it is only a rumour". However, Vouzas alleges that by the time of the meeting, Collingwood had already agreed to sell the lease to Munday's company, Simham. The Pies struck the deal with Simham, "a company with paid-up capital of only $15 and with no assets of significance", on August 8, 2008, Vouzas claims.
Munday declared bankruptcy with debts of $65 million in 2011 after the collapse of his pub empire the previous year. Bleake House says Collingwood's agreement with Munday was only conditional and never went ahead. Therefore, advertising material touting Collingwood as a tenant was correct at the time.
Kelemen says he told Vouzas Collingwood was interested in selling the lease to Munday for about $3 million but "there can be a lot of hurdles to doing property deals and that until the ink is dried, a deal is just a rumour". Kelemen also says responsibility for the advertising material falls on Bleake House, not him.
While his club is at the centre of the case, the man they call Eddie Everywhere, Collingwood president and former Nine Network boss Eddie McGuire, was nowhere to be seen during hearings last month. Justice Cameron Macaulay is yet to hand down his judgment.
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Frequently Asked Questions about this Article…
Alex Thursby was ANZ’s lead architect of its Asian strategy and a high-profile executive sometimes mentioned as a potential successor to CEO Mike Smith. According to the article, he resigned from ANZ to take the top job at the National Bank of Abu Dhabi, moving from ANZ’s Asian focus to a senior Middle East banking role.
For investors, Thursby’s exit is a leadership change that could draw attention to ANZ’s overseas strategy and succession plans. The article notes the bank’s CEO Mike Smith remains committed to Asia — he was scheduled to open an ANZ representative office in Myanmar and attend the Boao Forum in China — which suggests ANZ’s Asia strategy was continuing despite the senior departure.
No. The article says Mike Smith’s commitment to Asia appears undimmed: he planned to open an ANZ representative office in Myanmar and attend the inaugural Boao Forum in China. Thursby’s move is a personnel change rather than an announced strategic pivot away from Asia.
Yes. The article references Ahmed Fahour, who left NAB’s Australian operations for Bahrain’s Gulf Finance House but returned after about five months, and Ted Pretty, who served as acting CEO and later returned to Australia after roughly two years. These examples show prior senior departures to Middle Eastern opportunities.
Melbourne businessman Steven Vouzas is seeking the return of a $500,000 deposit plus interest and costs after a failed purchase of the Beach Hotel in Albert Park, which was being sold for $11 million. Vouzas alleges Bleake House Hotel and real estate agent Rudy Kelemen failed to disclose that Collingwood had offloaded the hotel lease to Rick Munday’s company, Simham.
The parties named in the article are buyer Steven Vouzas; seller Bleake House Hotel; real estate agent Rudy Kelemen; Collingwood Football Club (whose lease of the pub is central to the dispute); and Rick Munday’s company Simham. Vouzas claims misrepresentation and seeks his deposit back; Bleake House says Vouzas forfeited the deposit and is seeking about $2.2 million for loss and damage. Kelemen says advertising was Bleake House’s responsibility and that property deals can be 'just a rumour' until finalised.
The article notes Collingwood has previously written off a costly pub venture that cost the AFL club millions, and that this dispute continues to echo in the courts. However, the piece does not state any new direct financial exposure for Collingwood from this specific case; the legal matter is ongoing and the judge had yet to hand down a judgment at the time of reporting.
According to the article, Alex Thursby had resigned from ANZ to lead the National Bank of Abu Dhabi, while ANZ CEO Mike Smith was maintaining Asia-facing activities (a Myanmar office opening and attendance at the Boao Forum). On the legal front, the Beach Hotel dispute had reached the Victorian Supreme Court and Justice Cameron Macaulay had not yet delivered a judgment. The article also notes that Rick Munday later declared bankruptcy with significant debts.
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