Citi sees board shuffle at Australia's ARB as positive, but not transformational
BUZZ-Citi sees board shuffle at Australia's ARB as positive, but not transformational ** Citi sees proposal for appointing Ian Foston to ARB Corporation's board as "incrementally" positive
** Auto parts provider said on Friday that Andrew Stott will retire as non-executive director following conclusion of co's AGM; also recommends election of Foston as non-executive director
** Citi says Foston's automotive engineering and OEM expertise is more aligned with ARB's "next phase of growth" than outgoing director Stott's traditional aftermarket background
** Adds that new board change is "evolutionary" rather than "transformational", with founder influence and co's broader governance profile unlikely to change materially
** Brokerage maintains "neutral" rating and A$22.50 target price
** ARB down 41.2% so far this year, as of last close
(Reporting by Subhalakshmi Dey in Bengaluru; Editing by Edmund Klamann)
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