BAP -5.60%: the car parts distributor was smacked to 15 month lows today after ushering long standing CEO Darryl Abotomey out the door. Just two weeks after announcing Abotomey would retire in February, the Bapcor board brought forward his departure saying the relationship had soured and his “position as MD & CEO had become untenable.” What’s worse is that the to-be stand in CEO Mark Powell is not yet available, CFO Noel Meehan has been appointed acting CEO while the search for a permanent nomination continues. While it’s a strange shift in direction from the Bapcor board, ultimately the CEO was already moving on, the process has just been brought forward to this side of Christmas. We now ponder whether this creates a buying opportunity in a quality company operating in a favourable sector.
MM is becoming bullish BAP
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