First half results were broadly in line with 1H20, about where the market was expecting – very little growth baked in for the full year in Seek. The result played second fiddle to broader changes at the company with ex-CBA boss Ian Narev set to take the reins on 1 July this year, with current CEO and co-founder Andrew Bassat moving to Executive Chairman and heading up the investment segment after a restructure, splitting it from the core online employment business. With that, the company is looking to offload some of its 61% ownership in Zhaopin with talks underway with a potential buyer. The market appears to be caught by surprise on the restructure, and a new CEO – as good as their CV might check out – always comes with the chance of a rebase to expectations
MM are not keen on SEK.
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