At last it has become clear to me why the Gail Kelly admiration society came to such an abrupt halt. I had missed the fact that she had made the cover of the major financial magazine in her old home country of South Africa back at the end of 1977 just before she took over the reins at Westpac. According to the Financial Mail Mrs Kelly was a South African “world beater”.
Along with making the Forbes magazine’s list of the 50 most-powerful women in world business, this adulation was the kiss of death.
Investors should note and remember that making the cover of a major business magazine is a sure sign of bad things to come for the person pictured.