WTC downgraded FY25 guidance this morning for EBITDA to come in at $600-$660m (previously $660-$700m). I expected some panic selling esp from momentum buyers since the stock had recovered all its losses from the RW fiasco so I managed to purchase some at the open. Anyone else take the opportunity?

This is how you fire a CEO without actually firing them. Do something to soothe the optics and take the heat off the situation, while still keeping the key person around for all that he brings to and represents for the company.

No idea how the arrangement will actually pan out on the ground when the permanent replacement is appointed, but I think it is net positive that they have managed to keep RW around and not have him abruptly ride off into the sunset.

As I wrote earlier this morning, I think the stock trades down or trends sideways for sometime. No announcement of the new CEO can drastically lift the share price in the short-term. It's very hard to replace a gun CEO and the idea that he can be divorced from management given his shareholding is farcical to me. Such an arrangement can only cause issues in the short term. I think the dust will settle and he'll be back or it'll be very obvious that his new role is quasi CEO anyway.

From a technical perspective which I generally loathe, there's a clear point of resistance at $99-$100. This is important for those wanting to enter into a position. Might be a case of buy here and watch it hover between $95-$105 for the foreseeable future. The bid-ask spread is pretty narrow.

OK, so I have no idea how the market will react. Some have proposed that a $WTC without RW at the helm is worth $90. (I disagree.)

So now we see the CEO Succession Plan. Appoint a safe pair of hands interim, and probably run the leading internal candidates head-to-head against the best externals via a 6-9 month process. That would not be an uncommon plan. Or perhaps, if there are strong enough internal candidates it can be a short process, and they run the internal selection (4-8 weeks), annuncing early in the New Year.

At one level it makes sense that Cartledge is Acting CEO, particularly given that he had already announced his intention to leave. He can focus on doing a good job, without feeling the need to prove anything to the Board. Andrew is well-known to the Board and to RW, and with the working relationship between him and Richard, it means that it will be easy for Richard to be an effective adviser. It's a short term continuity plan. Even though RW's on leave. I imagine he'll be on Andrew's and the Chairman's speed-dial (Whats App).

The key here is the signal that RW still stay on as a full-time advisor for 10 years. Wow. What CEO would not take the advice of an adviser who is also a 37% shareholder, the founder and visionary leader, even if he is no longer on the Board! At every Board meeting, the question will be asked: "And what was Richard's perspective on this decision?" Importantly, they retain Richard's presence in continuing to engage the really big customers in the ongoing story of what the next modules of Cargowise will do for them. That's critical, given the latest delayed release of new products.

Of course, RW's appointment will clearly be subject to the outcomes of the ongoing investigation. So it's by no means a done deal. That process probably has a few week's to run.

This looks like a plan that gives time for the Board to make a sound decision on who will lead $WTC for the next 10+ years. As I've said repeatedly and firmly believe, $WTC is a business that over the last 3-5 years has grown beyond its dependence on an albeit visionary and brilliant founder. It is a company worthy of a world-class CEO. Who will be the "Cook to follow Jobs?"

I echo the sentiment shared by @PortfolioPlus earlier today. Sadness and regret. Richard is a unique Aussie entrepreneur with few peers (maybe Huppert? Maybe Mirkazemi, but he wasn't the founder. ). We've all gained unwanted insights into his complicated personal life - something that I certainly would not wish on anyone. You have to lie in the bed you've made, but I imagine it has taken and is taking a toll on him and his loved ones.

While the partial certainty is welcome, it raises all kinds of new questions including:

• Who will the new CEO be?
• Will this accelerate Richard's long standing slow-burn sell-down policy?
• What are the implications for Richard's new position when the investigation concludes?
• And what will the view of the key institutions be? (Dammery will have sounded out some, I imagine)

I imagine we will need to see several perdiods of strong operational performance to lay the unmovable bears to rest. There is new uncertainty that only sustained performance can answer. So, I do expect an impact on the multiple.

Given the potential for a sharp sell-off from tomorrow onwards, I won't be adding to my position. Because I believe there is every chance that it will take 3 or 4 half-year results for the performance question to be answered fully. (So, that's not entirely true. If there was a batshitcrazy over-reaction, then I'd still stand behind my conviction in this business. I'd find it very hard not to buy should the SP fall below, say, $85, probably laying in my next 40% in three tranches over a period of weeks once the initial volatility stabilises.)

What a crazy week it has been. It's not over.