Alex Turnbull's GoCatch ridesharing service has trouble keeping its talent

The board of GoCatch, the taxi booking app backed by James Packer, Alex "Son of Malcolm" Turnbull, and Seek co-founder Paul Bassat, is taking this whole "picking up and dropping off" thing very seriously. 

Just months after picking up four board members, GoCatch co-founder Ned Moorfield has dropped himself off as chief executive.

He has also left the board, and is now exploring new opportunities in the US.

Stung by last year's first strike vote, Premier Investments CEO Mark McInnes and chairman Solomon Lew have learned their lesson. Photo: Pat Scala

It was a  "collective decision" by the GoCatch board, he told a local start-up site.

"Late last year it was raised with the board that the timing was right to bring in an experienced CEO," he said. 

It was pretty amazing that the board – which includes Alex Turnbull – managed this collective decision given the circumstances.

Former GoCatch CEO Ned Moorfield has dropped himself off. Photo: Glenn Hunt

According to documents lodged with ASIC, four of the current directors – including Turnbull and chairman William Beerworth – have joined the board since only  November. 

And one of the new directors, Jason Smith, lasted only 10 weeks before resigning – lengthy compared with a Turnbull (senior) policy thought bubble, we guess. 

Moorefield was not able to enlighten CBD about his departure as his mobile says he "will be overseas indefinitely".

Illustration: John Shakespeare.

That's probably why the paperwork on his resignation from the company board has yet to be lodged with ASIC. 

The company website has also failed to update the fact that its boss and co-founder has left. 

At least it all gives the GoCatch board a bit of distraction while it waits for most of Australia to make its ride-haring service legal. 

Maybe Alex should lobby Malcolm about federal legislation to make the service legal nationwide as part of his "ideas boom".

After all, it was his old man who first got excited about the Uber rival back in 2013 and tweeted enthusiastically about the service. 

Rag to a bull

The big pay day for former David Jones bad boy Mark McInnes was never in doubt.    

Billionaire rag trader Solomon Lew managed to push through shareholder approval for the substantial pay rise, and multimillion-dollar trimmings he offered McInnes – his chief executive at Premier Investments – despite investor rancour over the largesse. 

The voting results on the two resolutions indicate that the first – to approve potential termination benefits – would have failed without the support of Lew's 42 per cent stake.

And to be fair to his fellow investors, offering a potential $5 million termination bounty does sound like a strange way to retain a high-performing chief executive.

"We find the potential termination payments to be excessive and we are of the view that this may place Mr McInnes in a significantly favourable position," said proxy adviser CGI GlassLewis, which has recommended that investors vote against both resolutions.

The second resolution, to approve the revised terms of McInnes' performance rights, would have been approved by a narrow margin without Lew's support.

The interesting part will be how Lew's fellow investors shape up for round two at the November AGM.  

Premier investors issued a first strike against the retailer's remuneration report in November. This was based on McInnes' old pay packet, which did not include the generous pay rise, and paying his rent for three years while his new Toorak home gets built.

Lew, as executive chairman, does not vote his shares on the remuneration report, which is why Premier got a black eye last year.

So you'd have to think a second strike is on the cards. 

"The vote against was really those holders, who are holding the shares on behalf of institutions and they have to go with their proxy solicitation advisers," said Lew at the meeting. It's a line he might need to reprise in November. 

"All our big shareholders that have the control of the shares voted in favour."

Air pocket

Air New Zealand's investment in Virgin Australia has provided a wild ride over the years, but Christopher Luxon's Kiwi group may have finally got onto the right side of a deal.  

Air NZ is about to sell off most of its 26 per cent stake, roughly 700 million shares, to Nashan Group at 33¢ each – crystallising a significant loss on its investment. But it has already signed up to buy more shares under the $852 million rights issue announced on Wednesday at 21¢ a share. 

Not that this makes the latest share acquisition a bargain. 

Got a tip? ckruger@fairfaxmedia.com.au