REPORT - Apollo Communications · 2019-09-12 · Apollo | Australian Top 50 CEO Report 2019 5 KEY FINDINGS – THE TRUTH ABOUT AUSTRALIAN CEOS 1. MULTICULTURALISM WORKS - Our CEOs

AUSTRALIAN

TOP 50 CEO REPORT

2019

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26%OF CEOs HAVE AN

MBA

56%CEOs HAVE NO POST GRADUATE DEGREE

OF

Who completed which degree?PAGE 14

Top Graduate International UniversitiesPAGE 17

32%UNDERTOOK

UNDERGRADUATE DEGREES

OVERSEAS

MOST POPULAR UNIVERSITY is the IMPERIAL COLLEGE OF LONDON

Top Graduate Australian UniversitiesPAGE 19

1stMacquarie University is the most popular postgraduate school

Social Media Use of CEOsPAGE 26

LINKEDIN:

66%FACEBOOK:

4%TWITTER:

10%INSTAGRAM:

0%

Length of TenurePAGE 36

80%OF THE TOP 50 AUSTRALIAN CEOS

HAVE BEEN IN THEIR CURRENT ROLE FOR LESS THAN SEVEN YEARS

Power AgePAGE 23

THE MEDIAN ‘POWER AGE’ OF AUSTRALIA’S TOP 50 CEOS IS NOW 54 YEARS OLD

Multiculturism WorksPAGE 29

ALMOST 50% OF AUSTRALIA’S MOST POWERFUL CEOS WERE BORN OVERSEAS

Loyalty PaysPAGE 32

IN CEOs WERE PROMOTED FROM WITHIN THEIR COMPANIES TO THE TOP JOB rather than being brought in from outside.

Industry SectorPAGE 34

$

GenderPAGE 38

JUST THREE OF AUSTRALIA’S TOP 50 CEOS ARE FEMALE

Way of the FuturePAGE 40

OF AUSTRALIA’S MOST POWERFUL CEOS ARE NOT REPRESENTED BY THE ASX 50

Community AttitudesPAGE 48

‘FINANCIALS’ IS THE MOST REPRESENTED INDUSTRY SECTOR

of all Australians don’t trust1 IN 4their corporate leaders to do the right thing

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Apollo | Australian Top 50 CEO Report 2019 3

Contents

Introduction ............................................................................................... 4 Executive summary ............................................................................. 5 – 9

Education ............................................................................................ 10 – 19

International experience ..................................................................... 20 – 21

Power age .......................................................................................... 22 – 24

Social media use ................................................................................ 25 – 27

Multiculturism works ........................................................................... 28 – 30

Loyalty pays: Appointed internally vs. externally .............................. 31 – 32

Industry sector .................................................................................... 33 – 34

Length of tenure ................................................................................. 35 – 36

Gender ............................................................................................... 37 – 38

Way of the future: Top CEOs outside the ASX 50 ............................. 39 – 41

Community attitudes towards our corporate leaders ......................... 42 – 48

APPENDIX ............................................................................................... 49

Appendix A: List of the Top 50 CEOs in summary .................................. 50

Appendix B: List of the Top 50 CEOs in detail ................................... 51 – 62

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Introduction

Welcome to the inaugural Apollo Communications Australian Top 50 CEO Report.

The purpose of this initiative is to provide an annual snapshot of the corporate leadership characteristics that define the top 50 companies listed on the Australian Securities Exchange (ASX), and to gauge whether these same features are aligned or misaligned with the expectations and values of the average Australian, millions of whom are either customers or company shareholders1, directly or via their superannuation funds.

The findings may surprise you.

They bring into sharp focus measurables such as the ethnic and educational backgrounds, work histories and gender splits of our top 50 CEOs, as well as less tangible traits, such as loyalty or ‘visionary thinking’.

We have then compared the backgrounds of our CEOs with what the community expects of them. Community attitudes have a critical impact on both an organisation’s reputation, and the personal prestige of CEOs themselves.

Fundamentally, there appears to be a disconnect between what the community expects and who our CEOs are.

The report explores which personal CEO attributes remain valuable in our fast-paced, globalised economy, and which are at risk of becoming outdated.

We hope you enjoy the report, which is the most detailed of its kind ever published in Australia.

Adam ConnollyChief Executive Officer Apollo Communications

1 PureProfile survey of 1,006 individuals aged 18 years + undertaken in June 2019. The survey respondents were a nationally representative sample of the Australian population by age, gender and region.

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KEY FINDINGS – THE TRUTH ABOUT AUSTRALIAN CEOS

1. MULTICULTURALISM WORKS - Our CEOs are a multicultural group, with 48 per cent of Australia’smost powerful corporate leaders born overseas, compared with just 3 per cent of the US Fortune500 companies. Only 33 per cent2 of the overall Australian population is born overseas, suggestingequality of opportunity for people from different ethnic backgrounds is alive and well in this country.In short, multiculturism is working.

2. LOYALTY PAYS – Two-thirds of Australia’s top 50 CEOs were internal appointments, proving thatloyalty still matters and that sticking with one company remains the best way to reach the top of thecorporate ladder.

3. GLOBAL PERSPECTIVE – More than 80 per cent of Australia’s top CEOs have international workexperience, helping them draw on lessons from overseas markets and trends. Ironically, though,this global perspective is the least valued CEO attribute by Australian customers, suggesting astrong understanding of the local market is king.

4. POWER AGE - Australia’s ‘forgotten people’ – Generation X – now runs corporate Australia, havingquietly taken over from the Baby Boomer generation in the last 12 months. The average ‘PowerAge’ of our top 50 CEOs is 54 years old (born in 1965). This creeping generational power transferis also evident in the political world where every Head of Government is a member of GenerationX, including Prime Minister Scott Morrison (51), Western Australia Premier Mark McGowan (52),South Australian Premier Steven Marshall (51), Queensland Premier Annastacia Palaszczuk (50),Tasmanian Premier Will Hodgman (50), NSW Premier Gladys Berejiklian (48), Victorian PremierDaniel Andrews (47), ACT Chief Minister Andrew Barr (46) and Northern Territory Chief MinisterMichael Gunner (43). The torch has certainly passed to a new generation of Australians.

5. EDUCATION

a. Power degrees – Studying science is the most popular pathway to commercial powerin Australia, suggesting Australia has morphed into the ‘clever country’. Science is themost popular undergraduate degree among our nation’s corporate leaders, followedby commerce in second place and no degree at all in third. Five of our top CEOsbypassed university altogether, suggesting that while tertiary education is important,solid work experience in itself remains a viable option to the top. This is in keeping withthe Australian notion of a ‘fair go’. The third most popular qualification was a degree

2 Australian Bureau of Statistics https://www.abs.gov.au/ausstats/[email protected]/lookup/Media%20Release3

Executive Summary

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3 Sandstone universities - an informal group of the oldest universities, occupying the top ranks among the most prestigious universities of Australia. Group is called “sandstone universities”, because of the great age of their buildings and the material the first campuses were built of (sandstone). The analogues of such group of universities are the following associations: Redbrick universities and Plate Glass Universities in the UK and the Ivy League in the US. Source: .https://www.unipage.net/en/universities_australia_sandstone4 The Group of Eight (Go8) comprises Australia’s leading research-intensive universities – the University of Melbourne, the Australian National University, the University of Sydney, the University of Queensland, the University of Western Australia, the University of Adelaide, Monash University and UNSW Sydney. Source: https://go8.edu.au/about/the-go8

in Economics. Surprisingly, business-related studies were the second least favourite choice.

b. Power universities – Australia’s ‘power university’ is the University of NSW, which educated more of the country’s CEOs than any other, despite it not being an elite ‘sandstone institution’3 and only ranking number 96 in the Times Higher Education Group’s World University Rankings (2019).

c. Post graduate study – The majority (60 per cent) of Australia’s most powerful business leaders have no postgraduate degree. Of those who do, two thirds hold a Masters in Business Administration (MBA); even though it is rated by the public as the second-least valuable attribute in a CEO.

d. Global education – Two-thirds of our corporate leaders completed their postgraduate degrees overseas at Ivy-League institutions such as Harvard in the United States, INSEAD in France and the London School of Economics in the UK. Of those who studied at home, the most popular choice was Macquarie University, making it Australia’s ‘Postgraduate Power University’, despite its 201-250 ranking in the Times Higher Education Group’s World University Rankings table (2019) and it being neither a ‘sandstone’ or ‘Group of 8’4 university.

6. JOB SECURITY – CEOs have enormous power and wealth, but they have limited job security. More than 80 per cent of our corporate leaders have been in the top job for less than seven years, suggesting the pace of change at a senior level at many of Australia’s largest corporations is rapid. The average tenure for an Australian CEO is five years, with nearly half of Australian consumers (48 per cent) thinking this is ‘about right’.

7. GENDER – The gender imbalance in our corporate leadership in Australia is well-known, with just three women featured in the top 50 ASX corporate leadership positions. Interestingly, Australians don’t believe gender is important in rating a good leader. More than 72 per cent of Australians think that gender is irrelevant when it comes to be being a good CEO, while 15 per cent believe women make better leaders than men do.

8. POWER INDUSTRIES – Australia’s largest companies are dominated by ‘financials’ established in the 1800s, followed by ‘materials’ (i.e. mining) and ‘real estate’, meaning Australia’s most powerful corporations continue to represent more traditional industries. This is in stark contrast to the United States, which is increasingly technology-focused, and where five of their top 10 companies have been established in the last 45 years alone.

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COMMUNITY ATTITUDES TO OUR CORPORATE LEADERS

The attributes above help unveil the face of the typical Australian CEO for the first time. But how does that correlate with what customers and shareholders want?

In short, Australia’s corporate leaders have a trust problem.

Recent crises, in the banking, broadcast and aged care sectors, have clearly had an impact on the expectations of CEOs by members of the general public.

Key findings – what the community expects from our CEOs

1. ETHICS – The number one characteristic Australians rate CEOs on is their ethics and trustworthiness.This outweighs traditional measures of performance, including company profitability and thesubsequent returns to their investors (see Financial Performance and Operational Efficiency).

2. TRUST – A quarter of all Australians (24 per cent) don’t trust their corporate leaders to do the rightthing, with only 13 per cent labelling them trustworthy. A clear majority of 63 per cent don’t knowwhat to think of the morality of our corporate CEOs.

3. SOCIAL ACTIVISM – Australians don’t rate social activism as an important priority for corporateAustralia, ranking it 8 out of 10 in CEO priorities, suggesting they want companies to ‘stick to theirknitting’, rather than being distracted by social causes.

4. LEADERSHIP – Nevertheless, all is not completely lost, with 41 per cent saying that, generallyspeaking, CEOs of Australian corporations exhibit good leadership qualities. A further third believethey don’t and 28 per cent don’t know.

5. JOB SECURITY – Almost half of all Australians believe the current tenure of Australian CEOs is‘about right’ with 23 per cent believing it is ‘too short’ and 13 per cent believing it is ‘too long’.

6. GENDER – More than 72 per cent of adult Australians think that gender is irrelevant when it comesto making a ‘better CEO’, while 15 per cent believe women make better leaders than men do.

7. POPULARITY – Anonymity appears to be one of the greatest challenges for our corporate leaders.While Qantas CEO Alan Joyce is regarded as the best corporate leader in the Top 50, followed byBHP’s Andrew Mackenzie, Coles’ Steven Cain and Fortescue Metals Group’s Elizabeth Gaines,most corporate leaders are outranked by “Haven’t heard of any of them” or “None of the above”.This poses questions about whether our corporate CEOs need to be more effective communicatorsif they wish to rebuild trust with their customers and others they need to reach.

8. ACCOUNTABILITY – more than half (56 per cent) of all consumers believe the CEO and his/hermanagement team should ultimately be accountable for the leadership of an organisation, comparedto 44 per cent who believe it should be the Board of Directors. However, when a company has acrisis, the Australian community is unforgiving. A clear 63 per cent of Australians believe both theChair and CEO should resign, with 15 per cent believing the sword should fall on the CEO only, and

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eight per cent believing it should fall on the Chair. A sizeable minority of 14 per cent believe neither should have to go.

9. REGULATION – Corporate Australia’s trust problem may help explain why a significant 60 per centof Australians believe CEOs should be subject to more regulation in their jobs, with only five percent of consumers believing our corporate leaders are ‘very accountable’.

Top 10 attributes most sought after in an Australian CEO by the general populace are (in order):

0% 5% 10% 15% 20% 25%

1. Ethical behaviour / trustworthiness

2. Accountability

3. Clear vision for the future

4. Financial performance

5. Meets community expectations /delivers what is promised

6. Operational efficiency

7. Likeability

8. Has an MBA

9. Sociallyprogressive

10. Internationalexperience

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CONCLUSIONS

What does this mean for the CEOs of today?

What the ‘Apollo Communications Australian Top 50 CEO Report’ reveals is that Australia’s corporate environment is ready for change. The general public wants it.

Our analysis also backs up broader public sentiment that ethics-led leadership, rather than shareholder returns in isolation, is what current and future Top 50 CEOs will have to actively demonstrate in their roles if they are to remain respected and at the top of their game.

Overall, what the research shows is that Australia’s large publicly listed companies are currently being dominated by internationally experienced multicultural men in their early-50s, who have worked their way up the ranks, with the benefit of a quality education from a Power University.

However, there is a disconnect between what this group of talented individuals do, and what the community expects from them. This may have a direct impact on an organisation’s reputation, and its ability to build trust with stakeholders.

Our research shows that while the general population seems wary of corporate leadership in Australia, they are open to forgiveness, should the CEO proactively demonstrate their worth.

Customers and shareholders want to believe the best of Australia’s corporate leaders and are willing to give them a chance. However, if errors are made, they want the consequences to be transparent, quick and material.

The Chief Executive Officer of the future will increasingly need to become the Chief Ethics Officer, providing honest and open dialogue with customers, employees, shareholders and regulators. They may have to over-ride the caution of lawyers and speak honestly to aggrieved stakeholders, in the interests of maintaining trust over the long-term.

Importantly, CEOs will need to raise their profiles if they are to achieve that. That will be a challenge for some, and may require an evolving set of skills from this generation of leaders.

In the last 12 months, Generation X (born between 1965 and 1980) has taken the corporate and political reigns in Australia from the last of the Baby Boomers.

It is now time for this new generation of leaders to reshape how companies operate, communicate and market themselves to an increasingly sceptical and at times hostile consumer base, if they are to rebuild trust with those who matter.

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EDUCATION

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Education

A). POWER DEGREES

So, do you even need a degree?

Studying science is the most popular pathway to commercial power in Australia, suggesting Australia has morphed into the ‘clever country’. Science is the most popular undergraduate degree among our nation’s corporate leaders, followed by commerce in second place and no degree at all in third. Five of our top CEOs bypassed university altogether, suggesting that while tertiary education is important, solid work experience in itself remains a viable option to the top. This is in keeping with the Australian notion of a ‘fair go’. The third most popular qualification was a degree in Economics. Surprisingly, business-related studies were the second least favourite choice.

Only two of the Top 50 CEOs without an undergraduate degree – Andy Penn (Telstra) and Jean-Sébastien Jacques (Rio Tinto) – went on to then obtain a postgraduate education, with Penn completing an MBA at London’s Kingston University and the Advanced Management Program (AMP) at Harvard University, and Jacques earning himself a Master of Science at Ecole Centrale, Paris.

Most popular Undergraduate Degrees

0% 2% 4% 6% 8% 10%

1. Science2. Commerce3. None4. Law5. Economics6. Engineering7. Arts8. Other9. Business10. Medicine11. Psychology

12%

Executive Summary

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Science is the most popular undergraduate degree for Australia’s top 50 CEOs, with 26 per cent of the Top 50 CEOs completing both a Bachelor of Science degree.

In contrast, engineering and business administration are the most common undergraduate degrees amongst top CEOs in the United States5, with nearly 45 per cent of Fortune 500 CEOs having majored in these fields6.

Commerce was the second-most popular Australian choice followed by no degree at all in third place.

Only two of the Top 50 CEOs, Graham Kerr of South32 and Steve Johnston of Suncorp, completed a Bachelor of Business degree, despite all CEOs being the heads of Australia’s most powerful businesses.

Who completed a Power degree of Science or Commerce?

BACHELOR OF SCIENCE

1. Ron Delia (Amcor)2. Francesco de Ferrari (AMP)3. Andrew Mackenzie (BHP)4. Graham Chipchase (Brambles) 5. Julian Segal (Caltex) 6. Steven Cain (Coles)7. Jack Truong (James Hardie)8. Peter Botten (Oil Search)9. Alan Joyce (Qantas)10. Patrick Regan (QBE)11. Peter Allen (Scentre)12. Mark Steinert (Stockland)13. Scott Charlton (Transurban)

BACHELOR OF COMMERCE

1. Brett Redman (AGL) 2. Shayne Elliott (ANZ)3. Rob Wheals (APA Group)4. Dominic Stevens (ASX Limited)5. Matt Comyn (Commonwealth Bank)6. Elizabeth Gaines (Fortescue)7. Shemara Wikramanayake (Macquarie Group)8. Craig Drummond (Medibank Private)9. Phil Chronican (NAB)10. Michael Clarke (Treasury Wine Estate)11. Rob Scott (Wesfarmers)12. Brad Banducci (Woolworths)

BACHELOR OF LAW

1. Steve McCann (Lendlease) 2. Shemara Wikramanayake (Macquarie) 3. Geoff Culbert (Sydney Airport)4. Grant Kelley (Vicinity Centres)5. Brad Banducci (Woolworths)

5 For the purposes of comparison, we have, where relevant, contrasted the characteristics of Australia’s top 50 ASX listed companies with those of the largest companies listed in the United States. The United States has been selected as our leading comparison as US public equity markets still set the international benchmark, both in terms of size (the US market is valued at US $30 trillion, representing 85 per cent of all investment dollars going into global stock markets) and cultural influence. 6 https://www.mbacrystalball.com/blog/2018/08/20/best-degree-become-ceo/

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POSTGRADUATE STUDY

The majority (60 per cent) of the Top 50 CEOs haven’t completed a postgraduate degree, which is not an impediment in the eyes of the general population, with an MBA being rated the second-lowest requirement by the public for what they value in a CEO. Why then, have people completed these studies? The reasons are manifold, and likely range from wanting a sense of personal achievement or to satisfy curiosity in a specific subject area, through to ensuring that they have the complete skillset to reach their professional objectives.

So, of the Top 50 Australian CEOs, who studied what?

Orica’s Alberto Calderon has the most degrees of all the CEOs

In addition to completing three postgraduate degrees (Juris Doctor, Master of Philosophy (Economics) and PhD (Economics)), Orica’s Alberto Calderon also completed a Bachelor of Economics, bringing his total number of degrees completed to four. This makes Alberto the Top 50 CEO with the most degrees under his belt.

32 HAVE COMPLETED AN MBA

TWO completed a Master of Applied Finance

TWO completed a Master of ScienceAND

The least popular postgraduate qualifications are:

PhD in Chemistry (Andrew Mackenzie, BHP), a PhD in Chemical Engineering (Jack Truong, James Hardie) and Juris Doctor in Law, a PhD in Economics and Master of Philosophy in Economics (all completed by Orica’s Alberto Calderon).

Most popular

Of those who have completed postgraduate studies:

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Who completed which degree?

The 13 Top 50 CEOs with an MBA are:

Ron Delia (Amcor), Francesco de Ferrari (AMP), Andrew Harding (Aurizon Holdings), Julian Segal (Caltex), Dig Howitt (Cochlear), Susan Lloyd-Hurwitz (Mirvac), Frank Calabria (Origin Energy), Andy Penn (Telstra), Scott Charlton (Transurban), Grant Kelley (Vicinity Centres), Peter Coleman (Woodside Petroleum) and Brad Banducci (Woolworths).

26%OF CEOs HAVE AN

MBA

56%CEOs HAVE NO POST GRADUATE DEGREE

OF

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Postgraduate degrees (Top 50 CEOs)

0% 5% 10% 15% 20% 25%

None

MBA

Masters of Science

Master of Applied Finance

Graduate Diploma of Engineering

PhD (Chemistry)

PhD (Chemical Engineering)

Juris Doctor (Law)

PhD (Economics)

Master of Philosophy (Economics)

30%

The two Top 50 CEOs who completed a Master of Science are:

The two Top 50 CEOs who completed a Master of Applied Finance are:

Jean-Sébastien Jacques (Rio Tinto)

Alan Joyce (Qantas)

Elizabeth Gaines (Fortescue)

Rob Scott (Wesfarmers)

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B). POWER UNIVERSITIES

Top undergraduate universities (Australian)

The University of NSW is Australia’s power university, educating more corporate CEOs than any other.

UNSW alumni include Brett Redman (AGL), Andrew Harding (Aurizon), Matt Comyn (CBA), Shemara Wikramanayake (Macquarie) and Craig McNally (Ramsay Health Care).

Second place is shared by the University of Sydney, University of Melbourne, Monash University, and Curtin University and the University of South Australia.

Sixth place is shared by Queensland University of Technology, Australian National University, Edith Cowan University, Macquarie University, University of Adelaide, University of Queensland, University of Western Australia, University of Auckland and University of Otago.

All the prestigious Australian Group of 8 (Go8) universities are represented.

The standouts are Curtin University and the University of South Australia, both non-Go8 universities that beat all Go8 universities - other than the Universities of Sydney, Melbourne and Monash University - to second place.

The Top 50 CEOs who attended Curtin University and the University of South Australia for their undergraduate degrees are Elizabeth Gaines (Fortescue), Peter Allen (Scentre), Mark Steinert (Stockland) and Brad Banducci (Woolworths).

Only two other institutions, Australian National University and the University of Melbourne, are within the Top 50 worldwide (according to the Times Higher Education group).

1ST• University of New South Wales

2ND• University of Sydney• University of Melbourne• University of South Australia• Monash University• Curtin University

6TH• Queensland University of Technology• Australian National University• Edith Cowan University• Macquarie University• University of Adelaide• University of Queensland• University of Western Australia• University of Auckland• University of Otago

How they rank

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Top undergraduate universities (international)

One third of Australia’s top 50 CEOs earned their undergraduate degrees overseas.

The most popular university was the Imperial College of London, followed equally by the Dublin Institute of Technology, Israel Institute of Technology, New York University (NYU), Princeton University, Rensselaer Polytechnic Institute, St Andrew’s University, Texas A&M University, University of Cape Town, University of Central Florida, University of Glasgow, University of Leeds, University of Oxford, University of Kwa-Zulu Natal and Rhodes University.

However, only two of the 16 CEOs who were educated overseas attended elite universities in the world’s top 50.

The CEOs who attended a worldwide Top 50 university are:

• AMP’s Francesco de Ferrari (New York University)• Brambles’ Graham Chipchase (University of Oxford)• Coles’ Steven Cain (Imperial College of London)• Oil Search’s Peter Botten (Imperial College of London) • Westpac’s Brian Hartzer (Princeton).

32%OF CEOs

ATTAINTED THEIR UNDERGRADUATE

DEGREE FROM OVERSEAS

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Top International Undergraduate Universities

0% 0.5% 1% 1.5% 2% 2.5%

2. Dublin Institute of Technology

3. Israel Institute of Technology

4. New York University

5. Princeton University

6. Rensselaer Polytechnic Institute

7. St Andrew’s University

8. Texas A&M University

9. University of Cape Town

10. University of Central Florida

11. University of Glasglow

12. University of Leads

13. University of Oxford

14. University of Kwa-Zulu Natal

15. Rhodes University

Top postgraduate universities

Macquarie University is the most popular postgraduate school among our nation’s most powerful business leaders, beating prestigious international iconls such as Harvard, Stanford, the London School of Economics.

In equal second place are Deakin University, Harvard University, INSEAD and the University of NSW.

Sharing equal sixth place are Bristol University, Durham University, Ecole Central Paris, Kingston University, the London School of Economics, Rensselaer Polytechnic Institute, Southern Methodist University, Stanford, University of Dublin and the International Management Institute (Geneva).

1. Imperial College London

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The Top 50 CEOs who attended Macquarie University for their postgraduate degrees are Julian Segal (Caltex), Elizabeth Gaines (Fortescue) and Rob Scott (Wesfarmers).

Only four of our business leaders attended an elite university in the Top 50 of Times Higher Education Group’s World University Rankings 2019. They are Amcor’s Ron Delia (Harvard), Vicinity Centres’ Grant Kelley (Harvard and London School of Economics), Cochlear’s Dig Howitt (Stanford) and Telstra’s Andy Penn (Harvard).

Macquarie University is ranked between 201 and 250 in the world rankings yet has produced the largest percentage of Australia’s top corporate leaders.

7 https://www.timeshighereducation.com/world-university-rankings/2019/world-ranking#!/page/0/length/-1/sort_by/rank/sort_order/asc/cols/stats

Top Postgraduate Universities

0% 0.5% 1% 1.5% 2% 2.5%

1. Macquarie University

2. Deakin University

3. Harvard University

4. INSEAD

5. University of NSW

6. Bristol University

7. Ecole Centrale Paris

8. Kingston University

9. London School of Economics

10. Rensselaer Polytechnic Institute

11. Southern Methodist University

12. Stanford

13. University of Dublin

14. International Management Institute (Geneva)

3%

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INTERNATIONAL EXPERIENCE

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International Experience

Four in every five of Australia’s top CEOs (82 per cent) have international work experience, underscoring the global reach and ambitions of our largest companies, and highlighting the importance placed by Boards on having someone with global perspectives and connections at the helm.

However, it is not seen as a key requirement by the general public, who ranked it last in order of importance. This could highlight a potential disconnect between what members of the general public deem as important, in terms of attributes and skillsets when recruiting a new CEO (Ethical behaviour; Accountability and a Clear vision for the future were the top three responses), and what Board members feel they need when they are looking for someone to steer the company day-to-day.

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POWER AGE

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Power Age

Australia’s ‘forgotten generation’ – Generation X – has quietly taken over the corporate reigns in Australia in the last 12 months, from the youngest members of the outgoing Baby Boomer generation.

The median ‘Power Age’ of Australia’s top 50 CEOs is now 54 years old (born 1965), the oldest member of Generation X. This compares with an average age of 58 years among the top companies in the United States, according to data from executive search firm, Korn Ferry8, meaning Australia’s Top CEOs are four years younger, on average, than their American counterparts.

This creeping generational power transfer is also evident in the political world where every Head of Government is a member of Generation X, including Prime Minister Scott Morrison (51), Western Australia Premier Mark McGowan (52), South Australian Premier Steven Marshall (51), Queensland Premier Annastacia Palaszczuk (50), Tasmanian Premier Will Hodgman (50), NSW Premier Gladys Berejiklian (48), Victorian Premier Daniel Andrews (47), ACT Chief Minister Andrew Barr (46) and Northern Territory Chief Minister (43).

8 https://www.spencerstuart.com/research-and-insight/2017-ceo-transitions

Power Age - Generation X Runs Corporate Australia

0% 2% 4% 6% 8% 10%

35 – 40

41 – 45

46 – 50

51 – 55

56 – 60

61 – 65

12% 14% 16% 18%

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The youngest Top 50 Australian CEOs are CBA's Matt Comyn and Stockland's Mark Steinert, both aged 42, whereas the oldest is Sonic Healthcare’s Dr Colin Goldschmidt, who is 64.

While Baby Boomers, and their Millennial children, have typically been defined as idealistic, Generation X has often been perceived as pragmatic and conservative.

How this translates into corporate decision making in the years ahead remains to be seen, particularly given the ‘trust deficit’ that has emerged between customer and big business in recent years.

The findings confirm that the Baby Boomers are rapidly moving into retirement and that Generation X has taken up the corporate leadership baton.

Generation X represents 68 per cent of Australia Top 50 CEOs, while only five are Baby Boomers.

None are Millennials, which would speak to the findings that show most CEOs on our list are those who have been with their organisation for some years before reaching the top spot.

THE FOUR 54sWho are the 54-year-olds?

The four Top 50 CEOs who belong to Australia’s ‘power age’ are:

Shayne Elliott (ANZ)

Andrew Penn (Telstra)

Scott Charlton (Transurban)

Brad Banducci (Woolworths)

This creeping generational power transfer is also evident in the political world where every Head of an Australian Government is a member of Generation X. The torch has certainly passed to a new generation of Australians.

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SOCIAL MEDIA USE

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Social Media Use

Having a clear vision for the future was rated number three of 10 characteristics by Australians in what they value in a CEO, with likability in general very close behind.

Australians also value CEOs who meet community expectations/deliver what is promised; therefore, it can be argued that there is a direct link between CEOs’ effective use of social media to convey these attributes and their broader success.

With social media becoming an increasingly valuable platform for leaders to demonstrate both, will we see more CEOs speak directly with the public in the future?

As an example, ANZ’s Shayne Elliott is widely known for his embrace of social media. After setting up his Facebook page in 2017 he said the platform represents a “…great opportunity…to connect in a different way and perhaps with new people about ANZ and what we are achieving in the community9...”

Therefore, the potential is there - although we doubt this generation of Australian CEOs will take it mainstream, given their general reluctance to communicate directly with the community.

The only two users of Facebook in our list are Shayne Elliott (ANZ) and Rob Wheals (APA), the latter using his Facebook account to promote the marathon running for which he is famous10.

For instance, amongst the ASX 50 list, LinkedIn use is high but Facebook, Twitter and other platforms barely rate a mention. Thirty-three of Australia’s Top 50 CEOs (66 per cent) have a LinkedIn account. This compares with just 40 per cent of the Fortune 50011 12.

9 https://www.afr.com/brand/chanticleer/why-anz-chief-executive-shayne-elliott-joined-facebook-20170720-gxf0jv 10 https://www.afr.com/business/energy/gas/apa-taps-insider-rob-wheals-as-ceo-as-wider-changes-loom-20190513-p51mod11 https://www.marketingprofs.com/charts/2017/32226/how-engaged-are-fortune-500-ceos-on-social-media 12 https://www.forbes.com/sites/cherylsnappconner/2018/03/11/how-top-ceos-use-social-media-well/#344643c216a8

8%OF THE FORTUNE 500 CEOs USE FACEBOOK ACCOUNTSCOMPARED TO 4% OF THE ASX 50

HAVE A TWITTER ACCOUNTCOMPARED WITH 10%

OF THE ASX 50

compared with not one of the

ASX 50

Just 2.2% of the Fortune 500 have

an Instagram account

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Is this a missed opportunity to build credibility with the general public?

When asked to nominate up to three CEOs who they consider to be the best leaders, 21 per cent of respondents didn’t know anyone on the list, but of those that were recognised Allan Joyce (QANTAS), Andrew McKenzie (BHP) and Shayne Elliott (ANZ) were considered to be the best leaders. Could this speak to their slightly higher public profile in comparison to others?

Eighteen per cent of survey participants said no one on the list deserved the honour, which could be a missed opportunity, possibly addressed by more prolific social media activity.

HAVE NO SOCIAL MEDIA ACCOUNTS AT ALL

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MULTICULTURISM WORKS

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Multiculturism Works

Almost 50 per cent of Australia’s most powerful CEOs were born overseas, compared to just three per cent of the United States Fortune 500 .

Does this make Australia a more successful multicultural nation than the world’s largest economy?

Of Australia’s foreign-born Top 50 CEOs, the majority (nine) are from the UK, four are from the US, three are from South Africa, two hail from New Zealand. France, India, Ireland, Italy, Columbia and Vietnam contribute one each.

9 https://www.afr.com/brand/chanticleer/why-anz-chief-executive-shayne-elliott-joined-facebook-20170720-gxf0jv

CEOCOMPANY

COUNTRY

1 Amcor Ron Delia

2 AMP Francesco de Ferrari

3 ANZ Shayne Elliott

4 APA Group Rob Wheals

5 BHP Andrew Mackenzie

6 Brambles Graham Chipchase

CEOCOMPANY

COUNTRY

7 Coles Steven Cain

8 Computer-share Stuart Irving

9 CSL Paul Perreault

10 James Hardie Jack Truong

11 Macquarie Group Shemara Wikramanay-ake

12 NAB Phil Chronican

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CEOCOMPANY

COUNTRY

13 Newcrest MiningSandeep Biswas

14 Oilsearch Peter Botten

15 Orica Alberto Calderon

16 QantasAlan Joyce

17 QBE Insurance GroupPatrick Regan

18 Rio Tinto Jean- Sébastien Jacques

19 Santos Kevin Gallagher

20 TelstraAndrew Penn

21 Transurban GroupScott Charlton

22 Treasury Wine EstateMichael Clarke

CEOCOMPANY

COUNTRY

23 Westpac Banking CorpBrian Hartzer

24 Woolworths GroupBrad Banducci

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LOYALTY PAYS

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Appointed Internally vs. Externally

This suggests that Australian Boards and shareholders tend to prefer a familiar face and someone with intimate, accumulated knowledge of their company to lead them forward, rather than bring in someone with fresh thinking.

This is just shy of the 69 per cent of the United States Fortune 500 CEOs being promoted from within their companies, according to 2018 research by Spencer Stuart14.

It seems that, across the board, loyalty is valued and rewarded but this needs to be demonstrated externally, in terms of overall trustworthiness, if the expectations of shareholders are also to be met.

This suggests that contrary to the perceived ‘job-hopping’ approach of Millennials, if you want to rise to the top of an organisation, you need to stick things out. Whether this attitude changes as Millennials enter the top levels of corporate Australia, and the sum total of experience starts to matter more than an intimate knowledge of an organisation, remains to be seen.

Relationships are everything…

IN CEOs WERE PROMOTED FROM WITHIN THEIR COMPANIES TO THE TOP JOB rather than being brought in from outside.

14 https://www.spencerstuart.com/research-and-insight/2017-ceo-transitions

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INDUSTRY SECTOR

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Industry Sector

‘Financials’ is the most represented industry sector

Nine out of 10 of Australia’s largest publicly listed companies were established during the horse and cart era prior to 1916, with only one established in the last 50 years.

This contrasts with the United States, which is increasingly technology-focused, and where five of their top 10 companies - Apple, Google, Microsoft, Facebook and Amazon - were established in the last 45 years alone.

Of the broader top 50, 11 Australian CEOs lead companies in the ‘financials’ sector, followed by eight in the ‘materials’ and ‘real estate’ sectors, five in the ‘consumer staples’ and ‘energy’ sectors, four in the ‘industrials’ sector, three in ‘healthcare’, two in ‘utilities’ and one each in ‘consumer discretionary’, ‘information technology’, ‘telecommunications services’ and ‘travel’.

In comparison, 37 per cent of the top 50 companies in the United States by market value are ‘tech companies’, an equal 14 per cent are ‘financial companies’ and ‘medical companies’, 9 per cent are ‘conglomerates’, 7 per cent are ‘telecommunications companies’, an equal 6 per cent are ‘oil and gas’ and ‘food companies’, 4 per cent are ‘retail companies’ and 3 per cent are ‘tobacco companies’15.

The continued dominance of the ‘Big 4’ banks on the ASX generally might wane in coming years (as did the dominance of the Mining Giants once the mining boom had peaked), but for the moment it would seem this status quo will remain, particularly if growth sectors, such as Tech, continue to choose to list in the USA rather than locally. Software giant, Atlassian, is the most obvious case in point. It was established in a Sydney garage in 2002 and is now valued at $US35 billion.

15 https://www.forbes.com/sites/jeffkauflin/2017/09/19/americas-top-50-companies-1917-2017/#7f66178f1629

USA

Tech44%

Tobacco 3%

Retail 4%

Food6%

Oil & Gas6%

Conglomerate9%

Healthcare14%

Financials14%

Financials22%

Materials (Mining)

16%

Real Estate16%

Consumer Goods12%

Energy10%

Industrials8%

Healthcare 6%Tech4%

Travel 2%Utilities 4%

Australia

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LENGTH OF TENURE

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Length of Tenure

‘Seven year itch’

Eighty per cent of the Top 50 Australian CEOs have been in their current role for less than seven years, a reflection of the desires of Boards and shareholders to continually revitalise their leadership and vision, but also perhaps an indicator of the high pressures associated with leadership at the highest levels.

Most have been in their current role for less than seven years.

This compares with an average tenure of eight years for the CEOs of the largest American companies by revenue, according to data from executive search firm, Korn Ferry .

This correlates strongly with Australian community attitudes for CEO tenure, with nearly half of all consumers (48 per cent) thinking this is ‘about right’. Therefore, becoming a CEO may bring enormous power and wealth, but it has limited job security16.

16 https://www.marketingprofs.com/charts/2017/31713/the-average-age-and-tenure-of-c-suite-executives

Length of tenure

Appointed since 201280%

Appointed prior to 201220% 48%

OF ALL CONSUMERS THINK THIS IS ‘ABOUT RIGHT’.

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GENDER

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Gender

Gender equality still a long way off...

Just three of Australia’s top 50 CEOs are female, or six per cent, proving that we are still a low way off achieving gender-equality at the highest levels.

Australia is ahead of the United States, however, where just 4.8 per cent of Fortune 500 CEOs are women17.

Australia’s three female CEOs are Elizabeth Gaines (Fortescue), Susan Lloyd-Hurwitz (Mirvac Group) and Shemara Wikramanayake (Macquarie Group).

Whether this continues to be the situation long-term is still to be seen, with many organisations now insisting on gender parity at both Board and Executive level, and shareholders becoming more assertive with the need for female leaders to be on the same terms as their male peers.

The gender imbalance in our corporate leadership in Australia is well-known. However, what is less understood is that Australians don’t believe gender is important in rating a good leader. More than 72 per cent of adult Australians think that gender is irrelevant when it comes to be being a good CEO, while 15 per cent believe women make better leaders and 13 per cent think men make better CEOs.

17 https://www.cnbc.com/2018/05/21/2018s-fortune-500-companies-have-just-24-female-ceos.html

Male94%

Female6%

Gender of Australia’s Top CEOs Community Expectations

Gender irrelevant72%

Women better CEOs15%

Men better CEOs13%

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WAY OF THE FUTURE?

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Top CEOs Outside the ASX 50

Mike Cannon-Brookes, Scott Farquhar and Melanie Perkins aren’t represented by the ASX 50 - but they are three of Australia’s most powerful CEOs, and are arguably amongst Australia’s most powerful and culturally influential CEOs.

Cannon-Brookes and Farquhar (both aged under 40), famously founded their company Atlassian from a Sydney garage in 2002 and then bypassed the ASX to list their company on the US-based NASDAQ exchange in late 2015.

Today Atlassian is valued at US $35 billion giving it a higher market capitalisation than 88 per cent of the top 50 companies listed on the ASX. There are only six ASX listed companies with market capitalisations higher than Atlassian; ANZ, BHP, Commonwealth Bank, CSL, Westpac, NAB and Telstra.

This trend to ‘new economy tech stocks’ could continue, with Sydney-based Canva, a private graphic design software company headed by Co-founder and CEO, Melanie Perkins, widely tipped to become the ‘next Atlassian’.

Canva, Inc. is valued at more than US $1 billion, making it Australia’s only ‘unicorn’ since Atlassian, with the company having already secured the backing of major private US investors and even Hollywood celebrities, Woody Harrelson and Owen Wilson.

Mike Cannon-Brookes (Atlassian)

Scott Farquhar (Atlassian)

Melanie Perkins (Canva)

‘New economy’ on the rise

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A major power-shift

Nowadays, it is possible for a woman in her early thirties, such as Melanie Perkins, (who only a few years ago designed a prototype software platform in her mother’s Perth home), to instantly leapfrog most companies on the ASX 50 and become one of Australia’s most powerful and influential CEOs.

This shift-in-power is being enabled by several developments, mostly technology-related, that are making it easier for Australian companies to access the larger pools of capital available in the US, while still maintaining a physical Australian base.

The US public equity markets represent 85 per cent of all public equity capital traded worldwide (or US $30 trillion)18. So, it is easy to see why a successful US listing can almost instantly catapult a company to the top of the ranks in Australia.

Founder CEOs vs. Hired CEOs

Atlassian and Canva are run by CEOs who are also founders of their companies.

In contrast, 80 per cent of the CEOs of the ASX 50 have been leading their companies for less than seven years.

This contrast - that of the ‘Founder CEO vs. the Hired CEO’ - marks one of the key cultural differences between the traditional ASX 50 and the new crop of Australian tech start-ups and NASDAQ/NYSE debutantes.

18 https://stake.com.au/about

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COMMUNITY ATTITUDES

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6000 6500 70004500 5000 55003500 4000

Community Attitudes

COMMUNITY ATTITUDES TO OUR CORPORATE LEADERS

This report helps unveil the face of the typical Australian CEO for the first time. But how does that correlate with what customers and shareholders want?

In short, Australia’s corporate leaders have a trust problem.

Recent crises, in he banking, broadcast and aged care sectors, have clearly had an impact on the expectations of CEOs by members of the general public.

1. CEO CHARACTERISTICSWhat do you value in a Chief Executive Officer?

The number one characteristic that Australians value CEOs on is their ethics and trustworthiness. This outweighs traditional measures of performance including company profitability and the subsequent returns to investors (see Financial Performance and Operational Efficiency).

Most Valued Characteristics (Rank & Score)*

1. Ethical behaviour / trustworthiness

2. Accountability

3. Clear vision for the future

4. Financial performance

5. Operational efficiency

6. Meets community expectations

7. Likeability

8. Socially progressive

9. Has a MBA

10. Has international experience

Accumulative Score:

*Each characteristic was rated 1-10 by 1,000 respondents, meaning each was out of a possible 10,000.

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2. LEADERSHIP

Generally speaking, do you think CEOs of Australian corporations exhibit good leadership qualities?

Two-fifths, or 41 per cent, of Australians believe that Australian CEOs exhibit good leadership qualities. One third believe they don’t and 28 per cent don’t know.

Generally speaking, do you think Boards of Australian companies exhibit good leadership qualities?

Most Australians, 65 per cent, believe that Australian Boards either don’t exhibit good leadership qualities or they aren’t sure whether or not they do.

A minority of just 36 per cent believe that Australian Boards exhibit good leadership qualities, meaning there is a long way to go for Australia’s leading companies to reassure that public that they are taking corporate governance and reputational risk seriously.

3. JOB SECURITY

The average tenure for an Australian CEO is five years.

Almost half of all Australians believe the current tenure of Australian CEOs is ‘about right’ with 23 per cent believing it is ‘too short’ and 13 per cent believing it is ‘too long’.

Yes41%

Don’t know28%

No31%

Yes36%

Don’t know30%

No35%

About right48%

Don’t know16%

Too long13%

Too short23%

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4. GENDER

Who do you think make better CEOs?

More than 72 per cent of adult Australians think that gender is irrelevant when it comes to making a ‘better CEO’, while 15 per cent believe women make better leaders than men do.

Gender irrelevant72%

Women better CEOs15%

Men better CEOs13%

5. LEADERSHIPOut of Australia’s top 50 ASX-listed companies, select up to three CEOs who you consider to be the best leaders

Anonymity appears to be one of the greatest challenges for our corporate leaders. While Qantas CEO Alan Joyce is regarded as the best corporate leader in Australia, followed by BHP’s Andrew Mackenzie, Coles’ Seven Cain and Fortescue Metals Group’s Elizabeth Gaines most corporate leaders are outranked by “Haven’t heard of any of them” or “None of the above”. This poses questions about whether our corporate CEOs need to be more effective communicators if they wish to rebuild trust with their customers and others they need to reach.

COMPANY / CEO PERCENTAGE1 Haven’t heard of any of them 21%2 Qantas Airways - Alan Joyce 19%3 None of the above 18%4 BHP Billiton Limited - Andrew Mackenzie 13%5 Coles - Steven Cain 9.5%6 Woolworths Group Limited - Bradford Banducci 9.5%7 Fortescue Metals Group - Elizabeth Gaines 8.3%8 ANZ Banking Group Limited - Shayne Elliott 7.8%9 Wesfarmers Limited - Robert Scott 7.7%10 AGL Energy Limited - Brett Redman 6.5%11 Cochlear - Dig Howitt 6.2%12 Commonwealth Bank - Matt Comyn 5.3%13 AMP Limited - Francesco de Ferrari 4.8%14 ASX Limited - Dominic Stevens 3.5%

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COMPANY / CEO PERCENTAGE15 Macquarie Group Limited - Shemara Wikrama-nayake 3.5%16 Telstra Corporation - Andrew Penn 3.4%17 Suncorp Group Limited - Steve Johnston 3.2%18 Caltex Australia - Julian Segal 3%19 CSL Limited - Paul Perreault 3%20 Westpac Banking Corp - Brian Hartzer 3%21 Medibank Private Limited - Craig Drummond 2.8%22 Rio Tinto Limited - Jean-Sébastien Jacques 2.7%23 Amcor Limited - Ron Delia 2.6%24 APA Group - Rob Wheals 2.2%25 Sydney Airport - Geoff Culbert 2.1%26 Mirvac Group - Susan Lloyd-Hurwitz 2%27 National Australia Bank - Philip Chronican 1.9%28 Origin Energy - Frank Calabria 1.9%29 Aristocrat Leisure - Trevor Croker 1.8%30 Santos Limited - Kevin Gallagher 1.8%31 Sonic Healthcare - Dr Colin Goldschmidt 1.8%32 Woodside Petroleum - Peter J Coleman 1.6%33 Computershare Limited - Stuart Irving 1.4%34 Goodman Group - Gregory Goodman 1.2%35 Stockland - Mark Steinert 1.2%36 James Hardie Industries - Jack Truong 1%37 Ramsay Health Care - Craig McNally 1%38 Treasury Wine Estates - Michael Clarke 1%39 Brambles Limited - Graham Chipchase 0.9%40 Insurance Australia Group - Peter Harmer 0.9%41 Lendlease Group - Steve McCann 0.9%42 Transurban Group - Scott Charlton 0.8%43 Aurizon Holdings Limited - Andrew Harding 0.5%44 Oil Search Limited - Peter Botten 0.5%45 Dexus - Darren Steinberg 0.4%46 QBE Insurance Group - Patrick Regan 0.4%47 South32 Limited - Graham Kerr 0.4%48 GPT Group - Bob Johnston 0.2%49 Scentre Group - Peter Allen 0.2%50 Vicinity Centres - Grant Kelley 0.2%51 Newcrest Mining - Sandeep Biswas 0.1%52 Orica - Alberto Calderon 0%

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6. ACCOUNTABILITYWho do you think should be ultimately accountable for the leadership of an organisation: the Board or the Executive Management Team (including the CEO)?

More than half (56 per cent) of all consumers believe the CEO and his/her management team should be ultimately accountable for the leadership of an organisation, compared to 44% who believe it should be the Board of Directors.

When companies behave badly, do you think either the CEO or the Chair of the Board should resign?

When a company hits a crisis, the Australian community is unforgiving. A clear 63 per cent of Australians believe both the Chair and CEO should resign, with 15 per cent believing the sword should fall on the CEO only, with eight per cent believing it should be the Chair. A sizeable minority of 14 per cent believe neither should have to go.

On a scale of 1-10, where 1 is not accountable and 10 is very accountable, how accountable do you think today’s leaders are?

A slim majority of consumers, 51 per cent, believe our corporate leaders are accountable, giving our leaders a number on the scale somewhere from 6 to 10.

However, a sizeable minority of 49 per cent believe our corporate leaders are unaccountable with 10 per cent giving our corporate leadership the worst possible score being 1.

This should serve as a wakeup call to our corporate leadership whose reputations are at a high level of risk, with just shy of 2 per cent of a majority of Australians believing Australia’s corporate leaders are unaccountable and need to be brought to heel.

We are clearly at a tipping point in terms of managing reputational risk in corporate Australia.

Board44%

Executive Management

Team56%

Retail 4%

The Chair should resign

8%

The CEO should resign

15%

Both should resign63%

Neither should resign

14%

(5)18%

(4)12%

(3)8%

(2)5%

(1)10%

(8)12%

(7)17%

(6)14%

(9)5%

(10)5%

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7. TRUTHWORTHINESSOn a scale of 1 to 10, where 1 is not trustworthy and 10 is very trustworthy, how trustworthy are today’s corporate leaders?

A quarter of all Australians (24 per cent) don’t trust their corporate leaders to do the right thing, with only 13 per cent labelling them trustworthy. A clear majority of 63 per cent don’t know what to think of the morality of our corporate CEOs.

8. REGULATION

Do you think Australian CEOs should be subject to more regulation in their jobs?

Corporate Australia’s trust problem may help explain why a significant 60 per cent of Australians believe CEOs should be subject to more regulation in their jobs, with only five per cent of consumers believing our corporate leaders are ‘very accountable’.

(5)21%

(1)11%

(2)5%

(3)8%

(4)8%

(6)16%

(8)2%

(9) 2% (10) 2%

(7)10%

Don’t Know16%

Current regulation is about right

18%

No6%

Yes60%

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APPENDIX

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Appendix

APPENDIX A. LIST OF TOP 50 CEOS IN SUMMARY

Top 50 CEOs (ASX 50)

COMPANY CEO1 AGL Energy Limited Brett Redman 2 Amcor Limited Ron Delia3 AMP Limited Francesco de Ferrari4 ANZ Banking Group Limited Shayne Elliott5 APA Group Rob Wheals6 Aristocrat Leisure Trevor Croker7 ASX Limited Dominic Stevens8 Aurizon Holdings Limited Andrew Harding9 BHP Billiton Limited Andrew Mackenzie10 Brambles Limited Graham Chipchase11 Caltex Australia Julian Segal12 Cochlear Dig Howitt13 Coles Steven Cain14 Commonwealth Bank Matt Comyn15 Computershare Limited Stuart Irving16 CSL Limited Paul Perreault17 Dexus Darren Steinberg18 Fortescue Metals Group Elizabeth Gaines19 Goodman Group Gregory Goodman20 GPT Group Bob Johnston21 Insurance Australia Group Peter Harmer22 James Hardie Industries Jack Truong23 Lendlease Group Steve McCann24 Macquarie Group Limited Shemara Wikramanayake25 Medibank Private Limited Craig Drummond26 Mirvac Group Susan Lloyd-Hurwitz27 National Australia Bank Philip Chronican28 Newcrest Mining Sandeep Biswas29 Oil Search Limited Peter Botten 30 Orica Limited Alberto Calderon 31 Origin Energy Frank Calabria32 Qantas Airways Alan Joyce

COMPANY CEO33 QBE Insurance Group Patrick Regan34 Ramsay Health Care Craig McNally35 Rio Tinto Limited Jean-Sébastien Jacques36 Santos Limited Kevin Gallagher37 Scentre Group Peter Allen38 Sonic Healthcare Dr Colin Goldschmidt39 South32 Limited Graham Kerr40 Stockland Mark Steinert41 Suncorp Group Limited Steve Johnston42 Sydney Airport Geoff Culbert43 Telstra Corporation Andrew Penn44 Transurban Group Scott Charlton45 Treasury Wine Estates Michael Clarke46 Vicinity Centres Grant Kelley47 Wesfarmers Limited Rob Scott48 Westpac Banking Corp Brian Hartzer49 Woodside Petroleum Peter J Coleman50 Woolworths Group Limited Brad Banducci

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APPENDIX B. LIST OF TOP 50 CEOS IN DETAIL

CEO biographies ranked alphabetically by company name

1 Brett Redman, AGL Ltd

Age: UnknownUniversity (Undergraduate): University of New South Wales (Bachelor of Commerce, FCA, GAICD)University (Postgraduate): NoneBirthplace: UnknownPromoted internally or externally: InternallyOverseas experience: Yes

Prior to Brett’s appointment as AGL’s Chief Executive Officer & Managing Director, he was AGL’s CFO from 2012, where he was responsible for steering AGL’s growth initiatives and building on previous successful growth initiatives including the acquisitions of Loy Yang A and Macquarie power stations, as well as the creation of the Powering Australian Renewables Fund.Before joining AGL in 2007, Brett held numerous finance roles at BOC in the South Pacific and North America, Email and CSR, which was complemented by his background in chartered accounting at Deloitte.

2 Ron Delia, Amcor

Age: 46University (Undergraduate): Unknown (Bachelor of Science)University (Postgraduate): Harvard University (MBA)Birthplace: USAPromoted internally or externally: InternallyOverseas experience: Yes

Zurich-based Ron Delia was appointed Managing Director and Chief Executive Officer at Amcor in 2015. Prior to his appointment, Mr Delia performed various management roles across Amcor’s international businesses, was an Associate Principal at McKinsey & Company in New York and held senior roles at the New Jersey-based American National Can Co.

3 Francesco De Ferrari, AMP

Age: 49University (Undergraduate): New York University (Bachelor of Science)University (Postgraduate): INSEAD (MBA)Birthplace: ItalyPromoted internally or externally: ExternallyOverseas experience: Yes

Born in Italy, Mr De Ferrari has more than 20 years of experience in the wealth management industry focused mainly on Asia and Europe. He has held several senior international leadership positions with Credit Suisse.

4 Shayne Elliott, ANZ Banking Group

Age: 54University (Undergraduate): University of Auckland (Bachelor of Commerce)University (Postgraduate): NoneBirthplace: New ZealandPromoted internally or externally: InternallyOverseas experience: Yes

A New Zealander by birth, Shayne has more than 30 years of experience across all aspects of the banking industry both in Australia and overseas. In addition to ANZ, Shayne has held senior executive roles at EFG Hermes and Citibank/Citigroup in regions as diverse as the Middle East, USA, Egypt, Australia and Hong Kong.

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5 Rob Wheals, APA Group

Age: UnknownUniversity (Undergraduate): Rhodes University (Bachelor of Commerce)University (Postgraduate): NoneBirthplace: South AfricaPromoted internally or externally: InternallyOverseas experience: Yes

Having joined APA more than ten years ago, Rob has a deep understanding of the Australian energy market. Prior to joining APA, Rob was General Manager of Strategy at AAPT in Sydney, meaning he has more than 25 years’ experience in Australia and internationally across energy infrastructure and telecommunications. Rob has a Bachelor of Commerce Degree, is a Chartered Accountant and a Graduate Member of the Australian Institute of Company Directors.

6 Trevor Croker, Aristocrat Leisure

Age: 55University (Undergraduate): NoneUniversity (Postgraduate): NoneBirthplace: AustraliaPromoted internally or externally: InternallyOverseas experience: Yes

Prior to being appointed CEO, Trevor worked across Aristocrat’s various businesses both in Australia as well as Europe, the Middle East, Africa, Asia and New Zealand. He is a fellow of the Australian Graduate School of Management at the University of New South Wales Business School.

7 Dominic Stevens, ASX

Age: 55University (Undergraduate): Unknown (Bachelor of Commerce)University (Postgraduate): NoneBirthplace: AustraliaPromoted internally or externally: InternallyOverseas experience: No

Prior to his appointment as CEO of the ASX in 2016, Dominic was an independent non-executive director of the ASX.Prior to the ASX he was the CEO of Challenger. He began his career at Bankers Trust Australia (now BT Financial Group).

8 Andrew Harding, Aurizon

Age: 51University (Undergraduate): University of New South Wales (Bachelor of Engineering)University (Postgraduate): Deakin University (MBA)Birthplace: AustraliaPromoted internally or externally: ExternallyOverseas experience: Yes

Prior to his appointment as CEO of Aurizon in 2016 he spent 24 years with Rio Tinto and its subsidiary companies.He is a Henry Crown Fellow at the Aspen Institute..

9 Andrew Mackenzie, BHP

Age: 61University (Undergraduate): St Andrew’s University (Bachelor of Science)University (Postgraduate): Bristol University (PhD in Chemistry)Birthplace: ScotlandPromoted internally or externally: InternallyOverseas experience: Yes

Andrew was appointed CEO of BHP in 2013 following 30 years of experience in oil and gas, petrochemicals and minerals. Prior to BHP, he worked at Rio Tinto and BP and was a Non-Executive Director of Centrica plc.

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10 Graham Chipchase, Brambles

Age: 55University (Undergraduate): University of Oxford (Bachelor of Science)University (Postgraduate): NoneBirthplace: EnglandPromoted internally or externally: ExternallyOverseas experience: Yes

Graham was appointed CEO of Brambles in 2017. Prior to Brambles, he was CEO of Rexam plc, one of the world’s largest consumer packaging companies. He is also a Non-Executive Director of AstraZeneca plc and chair of its Remuneration Committee.

11 Julian Segal, Caltex

Age: UnknownUniversity (Undergraduate): Israel Institute of Technology (Bachelor of Science)University (Postgraduate): Macquarie University (MBA)Birthplace: UnknownPromoted internally or externally: ExternallyOverseas experience: Yes

Prior to Caltex, Julian was CEO of chemicals company, Incitec Pivot Limited. Before Incitec, he performed a number of senior management roles at Orica across Australia and the broader Asia Pacific.He is a director of the Australian Institute of Petroleum.

12 Dig Howitt, Cochlear

Age: UnknownUniversity (Undergraduate): University of Sydney (Bachelor of Economics)University (Postgraduate): Stanford University (MBA)Birthplace: UnknownPromoted internally or externally: InternallyOverseas experience: Yes

Dig was appointed CEO & President of Cochlear in 2018.Prior to his appointment, Dig had spent almost 20 years at the company, starting as an engineering manager in product development before taking responsibility for manufacturing in 2001. From there he was gradually promoted until a major advancement in 2016 when he was appointed Chief Operating Officer and then President in 2017.

13 Steven Cain, Coles

Age: 56University (Undergraduate): Imperial College London (Bachelor of Science)University (Postgraduate): None Birthplace: EnglandPromoted internally or externally: ExternallyOverseas experience: Yes

Steven was appointed Managing Director of Coles in 2018.He began his career with Bain & Company then progressed to UK retail group, Kingfisher plc. Later he became CEO of FTSE 100 media group Carlton Communications plc and Managing Director of food, liquor and fuel at Coles Myer. He also became portfolio company chairman at private equity firm Pacific Equity Partners and joined Metcash in 2015. He was an adviser to Wesfarmers when it took over Coles Group in 2007.

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14 Matt Comyn, CBA

Age: 42University (Undergraduate): University of New South Wales (Bachelor of Commerce)University (Postgraduate): University of Sydney (MBA)Birthplace: AustraliaPromoted internally or externally: InternallyOverseas experience: Yes

Matt Comyn was appointed CEO of the Commonwealth Bank in 2018.He has nearly 20 years of banking experience across business, institutional, retail and wealth management. He joined the Commonwealth Bank Group in 1999.

15 Stuart Irving, Computershare

Age: UnknownUniversity (Undergraduate): NoneUniversity (Postgraduate): NoneBirthplace: ScotlandPromoted internally or externally: InternallyOverseas experience: Yes

Born in Scotland, Stuart was appointed CEO of Computershare in July 2014 after spending 16 years with the company. Prior to Computershare, Stuart held a number of roles at The Royal Bank of Scotland. He has worked in the UK, South Africa, Canada and the US.

16 Paul Perreault, CSL

Age: 61University (Undergraduate): University of Central Florida (Bachelor of Psychology)University (Postgraduate): NoneBirthplace: USAPromoted internally or externally: InternallyOverseas experience: Yes

US-based Paul Perreault was appointed CEO of CSL in 2013 after more than 30 years in the global healthcare industry.His career with CSL began when he joined a CSL predecessor company in 1997.Outside CSL, he has held senior leadership roles at Wyeth, Centeon, Aventis Bioservices and Aventis Behring and was Chairman of the Global Board for the Plasma Protein Therapeutics Association. Mr. Perreault was named Australian Financial Review’s 2017 CEO of the Year.

17 Darren Steinberg, CEO of Dexus

Age: 51University (Undergraduate): University of Western Australia (Bachelor of Economics)University (Postgraduate): NoneBirthplace: AustraliaPromoted internally or externally: ExternallyOverseas experience: No

Darren has more than 25 years of experience in the property and funds management industry.His expertise is office, industrial and retail property investment and development. He is a Director and former National President of the Property Council of Australia and a Fellow of the Australian Institute of Company Directors, Royal Institution of Chartered Surveyors and the Australian Property Institute.

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18 Elizabeth Gaines, Fortescue Metals Group

Age: 55University (Undergraduate): Curtin University (Bachelor of Commerce)University (Postgraduate): Macquarie University (Master of Applied Finance)Birthplace: AustraliaPromoted internally or externally: InternallyOverseas experience: No

Ms Gaines was appointed CEO of Fortescue in 2018.She is a former CEO of Helloworld Limited and Heytesbury Pty Limited and was CFO of Stella Group and Entertainment Rights Plc.She is a member of Chartered Accountants Australia and New Zealand, the Australian Institute of Company Directors and Chief Executive Women.

19 Gregory Goodman, Goodman Group


Gregory has more than 30 years of experience in the property industry specialising in industrial property. As a co-founder of Goodman, he played an integral role in its establishment.He is also a director of Goodman (NZ) Limited and director and/or representative of other subsidiaries, management companies and partnerships of Goodman.

20 Bob Johnston, GPT Group

Age: UnknownUniversity (Undergraduate): NoneUniversity (Postgraduate): NoneBirthplace: AustraliaPromoted internally or externally: ExternallyOverseas experience: Yes

Bob became CEO of the GPT Group in 2015.His property experience spans 30 years and has involved investment, develop-ment, project management and construc-tion in Australia, Asia, the US and UK. Prior to GPT he was Managing Director of Australand Property Group (which became Frasers Australand in 2014.) He has also held senior management positions with Lend Lease.

21 Peter Harmer, IAG


Peter Harmer was appointed CEO of IAG in 2015.Prior to IAG he was CEO of Aon Limited UK, a member of Aon’s Global Executive Board and CEO of Aon’s Australian operations.He has more than 35 years of experience in the insurance industry and has completed Harvard University’s Advanced Management Program.

22 Jack Truong, James Hardie

Age: 56University (Undergraduate): Rensselaer Polytechnic Institute (Bachelor of Science)University (Postgraduate): Rensselaer Polytechnic Institute (PhD in Chemical Engineering)Birthplace: VietnamPromoted internally or externally: InternallyOverseas experience: Yes

US-based Dr Truong was appointed CEO of James Hardie in January this year. Prior to James Hardie, Dr Truong was CEO of Electrolux North America and spent 22 years at 3M Company, where he held senior leadership roles through-out the United States, Europe and Asia-Pacific.As an engineer and inventor, Dr Truong is the recipient of 11 US patents and several international patents.

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23 Stephen McCann, Lendlease

Age: 53University (Undergraduate): Monash University (Bachelor of Laws, Bachelor of Economics)University (Postgraduate): NoneBirthplace: AustraliaPromoted internally or externally: InternallyOverseas experience: No

Mr McCann was appointed CEO of Lendlease in 2008.Prior to Lendlease, Mr McCann held senior leadership roles at ABN AMRO and was Head of Property at Bankers Trust. He was also a mergers and acquisitions lawyer at Freehills and spent four years in tax accounting.

24 Shemara Wikramanay-ake, Macquarie Bank

Age: 57University (Undergraduate): University of New South Wales (Bachelor of Laws, Bachelor of Commerce)University (Postgraduate): NoneBirthplace: EnglandPromoted internally or externally: InternallyOverseas experience: Yes

Shemara Wikramanayake was appointed Macquarie Group CEO in December 2018.Shemara joined Macquarie in 1987 and worked across several Macquarie businesses in Australia, the United States, Canada, New Zealand, Hong Kong and Malaysia.She has completed the Harvard Business Program at Harvard University.

25 Craig Drummond, Medibank Private

Age: 57University (Undergraduate): University of Melbourne (Bachelor of Commerce)University (Postgraduate): NoneBirthplace: AustraliaPromoted internally or externally: ExternallyOverseas experience: Yes

Craig was appointed CEO of Medibank Private in 2016.Prior to Medibank, Craig was a senior executive at National Australia Bank Limited (NAB).Prior to NAB, Craig was CEO and Country Head of Bank of America Merrill Lynch (Australia).Craig began his career at stockbroker JBWere.He is a Senior Fellow (FINSIA) and has completed the Advanced Management Program at Wharton School, Pennsylvania.

26 Susan Lloyd-Hurwitz, Mirvac

Age: 51University (Undergraduate): University of Sydney (Bachelor of Arts)University (Postgraduate): INSEAD (MBA)Birthplace: AustraliaPromoted internally or externally: ExternallyOverseas experience: Yes

Susan Lloyd-Hurwitz was appointed CEO of Mirvac in 2012.Prior to Mirvac, Susan was Managing Director at LaSalle Investment Management and held senior executive positions at MGPA (acquired by BlackRock), Macquarie Group and Lendlease Group, working in Australia, the US and Europe.Susan is National President of the Property Council of Australia, a Director of the Shopping Centre Council of Australia and Deputy Chair of the Green Building Council of Australia.

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27 Philip Chronican, NAB

Age: 62University (Undergraduate): University of Otago (Bachelor of Commerce)University (Postgraduate): International Management Institute (MBA)Birthplace: New ZealandPromoted internally or externally: InternallyOverseas experience: Yes

Philip Chronican became Group Chief Executive Officer of National Australia Bank Limited (NAB) on 1 March 2019. Prior to his appointment he was an NAB Director (since May 2016). He has more than 35 years of experience in banking and finance in Australia and New Zealand and has also held senior executive roles at ANZ and Westpac. His other directorships include NSW Treasury Corporation (TCorp) and The Westmead Institute for Medical Research (Chairman).

28 Sandeep Biswas, Newcrest Mining

Age: 56University (Undergraduate): University of Queensland (Bachelor of Engineering)University (Postgraduate): NoneBirthplace: IndiaPromoted internally or externally: InternallyOverseas experience: Yes

Mr Biswas was appointed CEO of Newcrest Mining in 2014. Prior to Newcrest, Mr Biswas was CEO of Pacific Aluminium, a Rio Tinto subsidiary. He began his career with Mount Isa Mines, working in both Australia and Europe and has worked for Western Mining in Australia and Rio Tinto in Canada and Australia.

29 Peter Botten, Oil Search

Age: 63University (Undergraduate): Imperial College London (Bachelor of Science)University (Postgraduate): NoneBirthplace: EnglandPromoted internally or externally: InternallyOverseas experience: Yes

Peter was appointed Managing Director of Oil Search in 1994.He has extensive international experience in the oil and gas business and has held various senior technical and managerial positions within several listed and government owned organisations.

30 Alberto Calderon, Orica

Age: 57University (Undergraduate): Andes University (Bachelor of Economics, JD in Law)University (Postgraduate): Yale University (Master of Philosophy (Economics) and PhD in EconomicsBirthplace: ColombiaPromoted internally or externally: InternallyOverseas experience: Yes

Alberto was appointed CEO of Orica in 2015.Prior to Orica, Alberto was a senior executive at BHP and CEO of the Cerrejón Coal Company and Colombian oil company, Ecopetrol. Alberto has also been Executive Director of the International Monetary Fund and has held senior roles within the Colombian government.

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31 Frank Calabria, Origin Energy

Age: UnknownUniversity (Undergraduate): Macquarie University (Bachelor of Economics)University (Postgraduate): University of New South Wales (MBA)Birthplace: UnknownPromoted internally or externally: InternallyOverseas experience: Unknown

Frank was appointed CEO of Origin Energy in 2016. Frank first joined Origin as CFO in 2001.He is a Director of the Australian Energy Council and Australian Petroleum Production & Exploration Association and a former Chairman of the Australian Energy Council and Director of the Aus-tralian Energy Market Operator.

32 Alan Joyce, Qantas

Age: 51University (Undergraduate): Dublin Institute of Technology (Bachelor of Science)University (Postgraduate): Trinity College Dublin (Master of Science) Birthplace: IrelandPromoted internally or externally: ExternallyOverseas experience: Yes

Alan Joyce was appointed CEO of Qantas in 2008.Prior to Qantas, Mr Joyce was founding CEO of Jetstar after spending 15 years in key positions at Qantas, Ansett and Aer Lingus.Between July 2012 and June 2013, Mr Joyce was Chairman of the International Air Transport Association.In 2017, Mr Joyce was named a Companion of the Order of Australia (AC) in the Queen’s Birthday Honours List.

33 Patrick Regan, QBE

Age: 51University (Undergraduate): University of Leeds (Bachelor of Science)University (Postgraduate): NoneBirthplace: EnglandPromoted internally or externally: InternallyOverseas experience: Yes

Pat was appointed CEO of QBE in 2018. Prior to QBE, Pat was CFO at Aviva plc in London (2010–2014). Pat has more than 20 years of experi-ence in insurance and financial services. He was previously the CFO/COO of Willis and has held several roles at RSA and AXA.

34 Craig McNally, Ramsay Health Care

Age: 56University (Undergraduate): University of New South Wales (Health Administration)University (Postgraduate): NoneBirthplace: AustraliaPromoted internally or externally: InternallyOverseas experience: Yes

Mr McNally was appointed CEO of Ramsay Health Care in 2017.He first joined Ramsay in 1988. Prior to Ramsay, Mr McNally was an executive of a private hospital in Sydney following completion of a health administration degree at the University of New South Wales.

35 Jean-Sébastien Jacques, Rio Tinto

Age: 48University (Undergraduate): NoneUniversity (Postgraduate): Ecole Centrale Paris (Master of Science) Birthplace: FrancePromoted internally or externally: InternallyOverseas experience: Yes

Jean-Sébastien was appointed CEO of Rio Tinto in 2016.Prior to joining Rio Tinto, Jean-Sébastien spent more than 15 years working in var-ious roles in the aluminium, bauxite and steel industries across Europe, South East Asia, India and the US, including as group director, Strategy, for Tata Steel Group from 2007 to 2011.

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36 Kevin Gallagher, Santos

Age: 53University (Undergraduate): University of Glasgow (Bachelor of Engineering)University (Postgraduate): None Birthplace: ScotlandPromoted internally or externally: ExternallyOverseas experience: Yes

Kevin joined Santos as CEO in 2016.His appointment follows more than 25 years of experience managing oil and gas operations in Australia, the USA and Africa, which included four years as CEO of Clough Limited.Kevin commenced his career as a drilling engineer with Mobil in the North Sea, before joining Woodside in 1998.

37 Peter Allen, Scentre Group

Age: 57University (Undergraduate): South Australian Institute of Technology (now the University of South Australia) (Bachelor of Applied Science (Property & Valuation))University (Postgraduate): NoneBirthplace: AustraliaPromoted internally or externally: Internally (from Westfield)Overseas experience: Yes

Peter Allen was appointed CEO of Scentre Group in 2014 after serving as Executive Director and CFO of Westfield Group. Peter joined Westfield in 1996 and was Westfield’s CEO of the UK/Europe. Peter is Chairman of the Shopping Centre Council of Australia. He completed a Bachelor of Applied Science (Property & Valuation) at the South Australian Institute of Technology (now the University of South Australia).

38 Dr Colin Goldschmidt, Sonic Healthcare

Age: 64University (Undergraduate): Unknown (Bachelor of Medicine / Surgery)University (Postgraduate): NoneBirthplace: AustraliaPromoted internally or externally: InternallyOverseas experience: No

Dr Goldschmidt was appointed CEO of Sonic Healthcare in 1993.He is a medical doctor who qualified as a specialist pathologist in 1986.In addition to his work at Sonic, he is a member of numerous medical industry and laboratory associations.

39 Graham Kerr, South32

Age: 47University (Undergraduate): Edith Cowan University (Bachelor of Business)University (Postgraduate): NoneBirthplace: AustraliaPromoted internally or externally: ExternallyOverseas experience: No

Graham was appointed CEO of South32 in 2014.Prior to joining South32, Graham worked for BHP including as CFO from 2011 to 2014. At BHP, he managed diamond and potash operations in Canada and Africa. He also spent two years at Iluka Resources. He is a CPA by training.

40 Mark Steinert, Stockland

Age: 42University (Undergraduate): Institute of Technology, South Australia (Bachelor of Applied Science)University (Postgraduate): NoneBirthplace: AustraliaPromoted internally or externally: ExternallyOverseas experience: Yes

Mr Steinert was appointed CEO of Stockland in 2013. He has nearly 30 years of property experience including eight years at Jones Lang LaSalle and ten at UBS. He has worked both in Australia and the US.He is the immediate past President and current Director of the Property Council of Australia and served as a Director of the Green Building Council of Australia until 30 June 2016.

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41 Steve Johnston, Suncorp

Age: Unknown University (Undergraduate): Queensland University of TechnologyUniversity (Postgraduate): NoneBirthplace: AustraliaPromoted internally or externally: InternallyOverseas experience: No

Steve Johnston was appointed Acting Chief Executive Officer of Suncorp Group on 27 May 2019.He has been Suncorp’s Group Chief Financial Officer since December 2013 and assumed additional responsibility for Legal and Company Secretariat in October 2017, where he was responsible for Suncorp’s financial reporting and management, taxation, investor relations and corporate affairs.Steve joined Suncorp in 2006 and has held positions including EGM Investor Relations and Corporate Affairs, and Deputy Chief Financial Officer. Prior to joining Suncorp, Steve was General Manager Corporate & Government Relations at Telstra. He also held senior positions in the Queensland Government.Steve obtained a Bachelor of Business (Management) and a Bachelor of Business (Public Administration) from the Queensland University of Technology.

42 Geoff Culbert, Sydney Airport

Age: 50University (Undergraduate): University of Melbourne (Bachelor of Economics, Bachelor of Laws)University (Postgraduate): NoneBirthplace: AustraliaPromoted internally or externally: ExternallyOverseas experience: Yes

Geoff was appointed CEO of Sydney Airport in 2018. He brings extensive commercial and operational experience from across the Asia Pacific and Australia.He is committed to growing the tourism and aviation industries in NSW and Australia and is a skilled collaborator who effectively engages business and industry to deliver strong results.

43 Andy Penn, Telstra

Age: 54University (Undergraduate): NoneUniversity (Postgraduate): Kingston University (MBA)Birthplace: EnglandPromoted internally or externally: InternallyOverseas experience: Yes

Andrew Penn was appointed CEO of Telstra in 2015.Prior to joining Telstra, Andrew spent 20 years with AXA Asia Pacific, including as Group CEO from 2006-2011). His time at AXA involved work in Australia, Hong Kong, Thailand and Indonesia. He is a passionate about the visual arts and supports Telstra’s programmes with the National Gallery of Victoria, Museum of Contemporary Art and the National Aboriginal and Torres Strait Islanders Art Award.

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44 Scott Charlton, Transurban

Age: 54University (Undergraduate): Texas A&M University (Bachelor of Science)University (Postgraduate): Southern Methodist University (MBA)Birthplace: USA Promoted internally or externally: InternallyOverseas experience: Yes

Scott was appointed CEO of Transurban in 2012.Prior to Transurban, Scott held several senior positions at Lendlease, including as Group COO.Prior to Lendlease, Scott was CFO at Leighton Holdings between 2007 and 2009 and Managing Director of Deutsche Bank (Australia and Hong Kong) between 1995 to 2003.Scott is Deputy Chair of Infrastructure Partnerships Australia and a member of the Monash Industry Council of Advisors, the Business Council of Australia and Roads Australia.

45 Michael Clarke, Treasury Wine Estates

Age: UnknownUniversity (Undergraduate): University of Cape Town (Bachelor of Commerce)University (Postgraduate): NoneBirthplace: South AfricaPromoted internally or externally: ExternallyOverseas experience: Yes

Mr Clarke was appointed CEO of Treasury Wine Estates in 2014.Prior to his appointment, he held senior executive roles at Kraft Foods, The Coca-Cola Company, Reebok International and UK-listed Premier Foods Plc. He was also a director of Quiksilver Inc. from 2013 to 2016 and Wolseley plc from 2011 to 2014.

46 Grant Kelley, Vicinity Centres

Age: UnknownUniversity (Undergraduate): University of Adelaide (Bachelor of Laws)University (Postgraduate): London School of Economics (Masters in Economic Sciences) and Harvard University (MBA)Birthplace: AustraliaPromoted internally or externally: ExternallyOverseas experience: Yes

Grant was appointed CEO of Vicinity Centres in 2018.Prior to Vicinity, he was CEO at City Developments Limited, a Singapore-based real estate company. He was also Co-Head of Asia Pacific for US-based investment fund Apollo Global Management. In 2008 he founded Holdfast Capital Limited, an Asian-based real estate investment firm, which was acquired by Apollo in 2010.From 2004 to 2008 he was CEO of US-based real estate investment fund, Colony Capital. He is a Director of the Shopping Centre Council of Australia and Property Council of Australia.

47 Rob Scott, Wesfarmers

Age: 48University (Undergraduate): Australian National University (Bachelor of Commerce)University (Postgraduate): Macquarie University (Master of Applied Finance)Birthplace: AustraliaPromoted internally or externally: InternallyOverseas experience: Yes

Rob was appointed CEO of Wesfarmers in 2017. Rob started with Wesfarmers in 1993 after working in investment banking.He is a dual Olympian in rowing and a silver medallist from the 1996 Atlanta Olympics. He is Chairman of the flybuys joint venture with Coles Group and of Rowing Australia.

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48 Brian Hartzer, Westpac

Age: 51University (Undergraduate): Princeton University (Bachelor of Arts)University (Postgraduate): NoneBirthplace: USAPromoted internally or externally: InternallyOverseas experience: Yes

Brian was appointed CEO of Westpac in 2015. Prior to joining Westpac, Brian spent three years in the UK as CEO for Retail, Wealth and Ulster Bank at the Royal Bank of Scotland Group, 10 years with ANZ in Australia and 10 years as a financial services consultant in New York, San Francisco and Melbourne. He is a Director of the Australian Bankers’ Association.

49 Peter Coleman, Woodside

Age: 58University (Undergraduate): Monash University (Bachelor of Engineering)University (Postgraduate): Deakin University (MBA)Birthplace: AustraliaPromoted internally or externally: ExternallyOverseas experience: Yes

Peter was appointed CEO of Woodside in 2011.Prior to Woodside, Peter spent 27 years with the ExxonMobil group, culminating as Vice President Development. He is Chair of the Australia-Korea Foundation, a Director of the Business Council of Australia, a member of the Federal Government’s Advisory Group on Australia-Africa Relations, a member of the Executive Committee of the Australia Japan Business Co-operation Council and a member of the Australian Institute of Company Directors.He is also an Adviser on the Monash Industry Council.

50 Brad Banducci, Woolworths

Age: 54University (Undergraduate): University of Kwa-Zulu Natal (Bachelor of Laws, Bachelor of Commerce)University (Postgraduate): University of New South Wales (MBA)Birthplace: South AfricaPromoted internally or externally: InternallyOverseas experience: Yes

Brad was appointed CEO of Woolworths in 2016.Brad joined Woolworths in 2011 after it acquired the Cellarmasters Group (he was CEO of Cellarmasters from 2007 to 2011). Prior to Cellarmasters, he was CFO, Director, and later a Non-executive Director at Tyro Payments and a Vice President and Director with The Boston Consulting Group.

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About Apollo Communications

Apollo Communications provides senior counsel to public and private sector organisations, their boards and chief executives on internal and external communications strategies, including crisis and reputation management.

Its RepRisk product is a unique and powerful way for corporations to measure and manage their reputations, particularly for Boards seeking independent advice.

Our expert team is committed to the highest standards of discretion, which makes us trusted by leading Australian organisations and journalists. Learn more about Apollo Communications at https://apollocommunications.com.au.

About the CEO Report

This report was compiled by Luke Dean, Amelia Stubley, Will Cesta, Jasmine Hogg, Sarah Taylor, Caria Watt, Georgi Wicks and Adam Connolly.

ASX 50 CEO Data

Data on the backgrounds of the ASX 50 CEOs was sourced from a combination of ASX public statements, company websites, professional LinkedIn sites and other industry sources. It is current as at 17 June 2019.

Community Survey

The results were draw from a nationally representative sample of more than 1,000 respondents conducted by independent research house, PureProfile, in June 2019.

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REPORT - Apollo Communications · 2019-09-12 · Apollo | Australian Top 50 CEO Report 2019 5 KEY FINDINGS – THE TRUTH ABOUT AUSTRALIAN CEOS 1. MULTICULTURALISM WORKS - Our CEOs