AAP Releases, August 21, 2008.
The chairman and chief executive officer of Babcock & Brown Limited have both stepped down from their roles at the investment firm, which announced a 34 percent dip in interim profit today. As widely expected, CEO Phil Green has resigned and will be replaced by current chief financial officer Michael Larkin.
Chairman Jim Babcock has been replaced by Elizabeth Nosworthy. Net profit for the six months to June 30 fell 34 percent to $211.08 million, in line with its recent wide guidance of a fall of between 25 percent and 40 percent.
B&B repeated that it did not expect its full year profit to exceed last year's figure. "The volatile global capital market conditions have made and continue to make business conditions uncertain and forecasting in the short term difficult," Mr. Larkin said.
"The environment has created a number of challenges for the group, which we are actively working through at the current time to reach resolutions which endeavour to weigh the interests of all stakeholder groups."
B&B Communities Group will continue to be managed by the group and will pursue strategies to maximise value for investors, Mr. Larkin said.
