macquarie-boss-moss-steps-down

Macquarie boss Moss steps down

The long-serving head of the Australian firm, Allan Moss, steps down to be replaced by Nicholas Moore. Macquarie's share price tanks in bearish market.

By Sameera Anand

February 10, 2008

Allan Moss will retire in May after 15 years at the helm of the Australian financial services business Macquarie Group. Moss will be replaced by the current head of Macquarie Capital, Nicholas Moore.

The chairman of the Macquarie group, David Clarke, made the announcement on February 6. Moore has been appointed to the board of Macquarie Group with immediate effect.

Shareholders reacted negatively to the news and Macquarie Group shares lost almost 8% during the course of Wednesday's trading the day the announcement was released to close at A$61 $56. The share dropped despite an analyst and investor briefing in which Moss confirmed that Macquarie expects to post another stellar year of earnings. The...

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