Bruce Mathieson & Bill Wavish join forces to shake up Endeavour’s board
Billionaire Bruce Mathieson and Former Myer Chairman Bill Wavish Unite to Reshape Endeavour’s Future
In a bold move to rejuvenate the prospects of Endeavour, Australia’s leading player in pubs and pokies, billionaire Bruce Mathieson and former Myer chairman Bill Wavish have forged an alliance.
Mathieson, who commands a substantial 15% stake in the company, is throwing his support behind Wavish as a directorial candidate.
This collaboration comes at a pivotal juncture for Endeavour, which has witnessed a staggering $5 billion erosion in market capitalisation since its spin-off from Woolworths in 2021.
Mathieson didn’t mince words in his critique, characterising the performance under Chairman Peter Hearl and CEO Steve Donohue as “disastrous” and accusing them of making decisions that have negatively impacted shareholders.
He specifically cited Endeavour’s premature implementation of gambling reforms in Victoria, which he believes will result in revenue losses. “The decisions made by Endeavour’s board and management have been detrimental to shareholders’ financial interests,” Mathieson emphasized in a statement. “It’s time for a change.”
Wavish, a prominent figure with roles as Woolworths CFO and Myer chairperson, recognizes the imperative need for a directional shift. He believes that the current board lacks the requisite expertise in the retail and pub industries to navigate the challenges. “Endeavour is at a crossroads,” Wavish remarked. “The company requires a board comprising individuals with the expertise and experience to tackle these challenges.”
However, Wavish’s potential appointment is subject to obtaining necessary approvals, a process that can extend over months due to Endeavour’s status as Australia’s leading operator of pokies. Endeavour is gearing up to release its general meeting notification, proposing the re-election of two incumbent directors, namely Bruce Mathieson Jr. and Rod van Onselen.
Against the backdrop of a more than 20% decline in the company’s share price over the past year, this moment sets the stage for a pivotal turning point in Endeavour’s future.
