Via Domainfax:
The revolving door at embattled McGrath real estate group has done another revolution with the departure of its finance director, Paul Hauenschild.
An 11 year veteran at the agency, Hauenschild was one of the architects of its disastrous 2015 float where investors took stock at $2.10 and have seen the price plummet to 65 cents.
The rout started with the founder, John “Mr Sydney real estate” McGrath changed from being chief executive to being an executive director a year ago to be replaced by Cameron Judson.
McGrath remains the largest shareholder with 27 per cent meaning he has borne the brunt of the price daive.
But he has lost many of his mates, including long time-staffer Geoff Lucas, Karen Jacobs, Gary Vouris and Matt Lahood.
These were also some of the same agents that two weeks ago sold a block of shares they had assembled for its 2015 float. They abandoned ship at a $29.6 million discount to its public issue price.
McGrath, his chairman, Cass O’Connor and Judson, will face shareholders on November 22 for the annual general meeting at the McGrath head office in Sydney’s eastern suburbs.
They deserve each other!
