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http://www.theglobeandmail.com/globe-investor/investment-ideas/lets-talk-investing/fresh-faces-refreshed-share-performance/article10737515/

Number Cruncher
Fresh faces = refreshed share performance
Ian McGugan
The Globe and Mail
Published Wednesday, Apr. 03 2013, 6:43 PM EDT
Last updated Wednesday, Apr. 03 2013, 6:43 PM EDT

What are we looking for?
Stocks that could gain as a result of new faces in the executive suite
A Standard & Poor’s report, published in December, found changes in CEOs or CFOs often preceded a rise in companies’ stock prices.
The changes at the top were also reflected in stronger returns on equity (ROE) and in better returns on assets (ROA) for these companies. Both trends persisted for as long as three years after a new CEO took over.
A month ago we listed North American stocks that might benefit from these trends. Today, with the help of Elynn Tucker, associate director with S&P Capital IQ, we look for non-North American companies that have changed CEOs in the past six months.
How we did it
Ms. Tucker used the S&P Capital IQ Screener to search for stocks on non-North American exchanges with headquarters and market capitalizations greater than $500-million (U.S.).
Among this group of mid-sized and large companies, 59 firms had changed CEOs during the past six months. Ms. Tucker sorted them by the percentage change in analysts’ expectations for earnings per share. The top 10 are listed here.
The notion behind the list is that rising expectations for earnings should herald operational improvements. In concert with a new CEO, this is a sign that a stock may be in for a prolonged period of market-beating performance.
More about S&P Capital IQ
S&P Capital IQ offers a comprehensive set of tools for fundamental analysis of global securities as well as idea generation and work flow management. Its Web- and

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