How Enero went off course
Welcome to a Tuesday update from Unmade. Today: As Enero’s CEO, chief financial officer and chair all depart, we examine how a couple of bad acquisitions have undermined the company’s decade-long recovery.
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Enero’s shopping trolley wobbles
It’s been a bumpy few weeks for Australia’s only locally listed agency holding company Enero.
On September 13 Enero, which owns creative agency BMF among others, published its annual report which revealed a crash in both profits and revenues, and that two new acquisitions had proved to be stinkers.
On September 16 Enero announced that chair Ann Sherry would step down and that chief financial officer Carla Webb-Sear has resigned “to pursue another opportunity”.
On October 1 we revealed that Enero had been the worst performing company on the Unmade Index in the previous quarter, losing 40% of its value.
The same day, Enero announced that CEO Brent Scrimshaw has resigned, also “to pursue another opportunity”.
Who knew there were so many opportunities out there at the moment?
Next Thursday’s annual general meeting is certainly going to be interesting.
Enero has a wild history.