Federation board fires CEO

Two months after completing its merger with Novion Property Group, Federation Centres (ASX: FDC) surprised investors earlier this week by announcing the sudden departure of ceo Steven Sewell. His replacement is former Novion ceo Angus McNaughton.Federation shares have declined 5% since then, suggesting investors aren’t happy with the change.Putting aside potential corporate governance and legal issues – for instance, Steven Sewell was named in the merger documents as the ceo of the merged group – is the change really as bad as the share price decline suggests?Despite Federation being the acquiring entity and the merged group keeping the Federation name...

Two months after completing its merger with Novion Property Group, Federation Centres (ASX: FDC) surprised investors earlier this week by announcing the sudden departure of ceo Steven Sewell. His replacement is former Novion ceo Angus McNaughton.

Federation shares have declined 5% since then, suggesting investors aren’t happy with the change.

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