Why the SEEK (ASX:SEK) share price just hit a record high

It has been a good day for the SEEK share price…

| More on:
happy group of people

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The SEEK Limited (ASX: SEK) share price has been pushing higher again on Thursday.

In early trade, the job listings company's shares rose 3% to a record high to $34.15.

This latest gain means the SEEK share price is up almost 17% since the start of the year.

Why is the SEEK share price pushing higher today?

Investors have been bidding the SEEK share price higher today following the release of an update.

According to the release, in line with previous announcements, SEEK's co-founder Andrew Bassat has stepped down as Managing Director and Chief Executive Officer (CEO) today. Replacing him at the helm is former Commonwealth Bank of Australia (ASX: CBA) CEO, Ian Narev, who has commenced in the role this morning.

Andrew Bassat is expected to transition to a new role as Executive Chairman and CEO of an independent SEEK Investments entity in due course. In the meantime, the Board has appointed Mr Bassat as a non-executive director of SEEK, effective today.

SEEK's Chairman, Graham Goldsmith, commented: "On behalf of all at SEEK and our shareholders, I would like to thank Andrew for his vision, leadership, passion and commitment. Andrew has led SEEK for more than 23 years and leaves the business in a strong position. We are fortunate to retain Andrew's experience on the SEEK Board and his entrepreneurial drive in his new full-time role as Executive Chairman and CEO of SEEK Investments."

"Over the last 2 years, Ian has led SEEK's operating businesses including making a significant contribution through a challenging 2020. Ian has a strong track record in public company leadership, digital transformation and strategy and we are fortunate to have such a high calibre leader succeed Andrew. I am confident this will be a seamless transition," he added.

SEEK Investments update

In February SEEK announced that it was undertaking a review of various options to provide SEEK Investments with a greater degree of independence, focus and access to third party capital, and to allow SEEK to retain significant economic exposure to SEEK Investments.

Today's release explains that the review is progressing and SEEK will provide an update to the market with its full year results. This could potentially see SEEK become the latest ASX 200 share to undertake a demerger. We'll find out in August.

Motley Fool contributor James Mickleboro owns shares of SEEK Limited. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended SEEK Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Record Highs

ETF written in gold with dollar signs on coin.
ETFs

Up 38%: Why the BetaShares Nasdaq 100 ETF (NDQ) keeps hitting new record highs

This ETF can't seem to stop hitting new highs.

Read more »

ETF on white blocks with a rising arrow on top of coin piles.
ETFs

Betashares Nasdaq 100 ETF (NDQ) hits new record high! Too late to buy?

This ETF can't seem to stop hitting new highs.

Read more »

ETF written in gold with dollar signs on coin.
ETFs

2 under-the-radar ASX ETFs smashing record highs today

How are these two funds bucking the market today?

Read more »

Happy woman in purple clothes looking at asx share price on mobile phone
Record Highs

Why is this ASX 300 stock soaring 9% to a new record high?

This stock is catching the eye on Friday. What's getting investors excited?

Read more »

A piggy bank on the cloud in the blue sky symbolising a record high share price.
52-Week Highs

10 ASX 200 shares smashing new highs while the market sinks

Do you own any of these market-defying stocks?

Read more »

Green arrow with green stock prices symbolising a rising share price.
Record Highs

Wait, did the ASX 200 just hit another all-time high?!

It was another big day for the ASX 200 record books this Thursday.

Read more »

Three people with gold streamers celebrate good news.
Record Highs

7 ASX 200 shares that just smashed new record highs

In a topsy-turvy day for the ASX 200, these stocks have ascended to new price milestones.

Read more »

Excited group of friends sitting on sofa watching sports on TV and celebrating.
Technology Shares

Why today is a big day for Pro Medicus shares

Records are being broken by this share on Monday. What's going on?

Read more »