Steadfast's Succession Planning Complicated by Exit -- Market Talk

Dow Jones

Mar 25, 2025

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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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. 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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) \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  March 24, 2025 22:19 ET (02:19 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"IE0004086264.USD","symbol_name":"BNY MELLON GLOBAL OPPORTUNITIES \"A\" (USD) ACC","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2522030915","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2522030915","pubTimestamp":1742869140,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"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. 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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) \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  March 24, 2025 22:19 ET (02:19 GMT)\n\n\n  Copyright (c) 2025 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"}}}