Megaport Ltd

MP1: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$16.90	Yljjn	Mqsjkjtpm

Megaport Names Its New CEO While Continuing Its C-Suite Shakeup

Matthew Dolgin

Mar 29, 2023

Megaport has named Michael Reid of Cisco as its new CEO, effective May 15. In the same announcement, Megaport disclosed it has parted ways with CFO Sean Cassidy, effective immediately, and that a search for a permanent CFO is now under way. The abrupt CFO exit three weeks after a similar process with former CEO Vincent English is again inartful, but the board is seemingly unconcerned with optics. We suspect new top executives will now bring some stability and harmony with founder and board chairman Bevan Slattery. We’re maintaining our AUD 13 fair value estimate. We think the stock has gotten overly punished in the last year, while our outlook for the business has not materially changed.

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