The unexpected departure of SES CFO Andrew Browne caused some considerable anxiety on Europe’s stock markets. Browne informed CEO Steve Collar last week of his wish to leave citing personal and family reasons. SES has started a search for his successor.
SES share price tumbled 2.22 per cent on September 2nd (from €14.55 to €14.35).
While the past few months have seen some volatility in SES’s share price, the departure of Browne is not helping market confidence. A month ago (at the end of July) its share price stood at €15.14. Six months ago SES was enjoying price levels of around €18 per share.
Well-place sources at SES suggest there is nothing untoward in Browne’s departure. He leaves in October.
A note from analysts at Deutsche Bank to its clients said that the risk was a “small negative” for shareholders, and reminds investors of Browne’s considerable experience at SES, saying: “Very experienced CFO and bolstered new, and relatively inexperienced, CEO. Browne had been with the company since 2006 with two stints as CFO: 2006-2013 and then serving as CFO of O3b, which SES later acquired 2013-2016 and returning as CFO in 2018.”