0219 GMT - The unexpected departure of Steadfast's chief operating officer is a negative for the Australian insurance underwriter, Goldman Sachs analysts say in a note. The U.S. bank analysts tell clients in a note that Nigel Fitzgerald was seen as a potential CEO candidate to eventually replace Robert Kelly, so his decision to quit to pursue a personal venture increases uncertainty over succession planning. The Goldman Sachs analysts also say that Fitzgerald was undertaking much of the work in forming an important strategic response to a moderating premium-rate cycle. However, they acknowledge that Kelly has agreed not to retire before the end of 2026 and will work until his successor is found. Goldman Sachs has a buy rating and A$6.50 target price on the stock, which is up 0.6% at A$5.875. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
March 24, 2025 22:19 ET (02:19 GMT)
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