Ansell's Leadership Shakeup Gives Way to a Strong FY26 Rebound

An unexpected CEO resignation and conflict-driven cost headwinds tested conviction, before tariff pricing benefits and a refocused core-brands strategy delivered a strong recovery.

30 Sep 2026 · 3 min read

Ansell delivered strong tariff-offsetting price increases and upgraded FY26 guidance, before an unexpected CEO resignation and Middle East conflict-driven cost headwinds compounded uncertainty and drove a sharp de-rating, testing conviction until a strong FY26 result under new leadership and unwinding tariff costs delivered 19 percent bottom-line growth.

Tariff offsetting through pricing power drives an upgrade

Paradice Investment Management said it increased its position as confidence grew that tariff impacts would be offset through pricing, with Ansell offering double-digit earnings growth and trading at attractive valuations. Yarra Capital Management, overweight, said the global protective equipment company outperformed, supported by an upgrade to FY26 earnings guidance, highlighting recovering global demand, ongoing progress in innovation initiatives, and offsetting the impact of US import tariffs through a combination of pricing and FX benefit.

The global protective equipment company outperformed during the period, supported by an upgrade to FY26 earnings guidance. The announcement highlighted recovering global demand, ongoing progress in innovation initiatives and offsetting the impact of US import tariffs and FX benefit.

— Yarra Capital Management, Monthly Report, October 2025

A CEO resignation and conflict-driven headwinds trigger an exit

Paradice Investment Management said it exited its position due to a management change and lower topline growth. Maple-Brown Abbott said its overweight holding detracted 18 percent, with sentiment deteriorating following the unexpected resignation of the CEO in January, and uncertainty around tariffs, alongside perceived demand and cost headwinds stemming from the US-Iran conflict, further weighing on the stock. Ten Cap took the opposite view, adding to Ansell where recent weakness had created attractive entry points.

Sentiment towards the stock deteriorated following the unexpected resignation of the CEO in January. Uncertainty around tariffs and more recently perceived demand and cost headwinds stemming from the US-Iran conflict have further weighed on the stock.

— Maple-Brown Abbott, Quarterly Report, March 2026

A messy setup, but a potential cleansing result ahead

Alliance Bernstein said it was once again doing a lot of work on Ansell, with the share price having come down a long way, noting the tricky thing about the company is that it loses from spikes in energy prices, has had tariffs on and off, and both its CEO and CFO have resigned, describing a lot going on, but believing a cleansing result could give a clear look at how the business is actually running under new leadership.

The tricky thing about Ansell is they are a loser from spikes in energy prices. They've had tariffs on, tariffs off. The CEO and CFO have both resigned. There's a lot going on here. But I think a cleansing result from Ansell, where we get a clear look at how they're actually running under the new leadership, could present an opportunity.

— Alliance Bernstein, Article, May 2026

A strong result under new leadership confirms the recovery

Pendal Group said the stock rose 17.5 percent after producing a strong FY26 result, with revenue growing 5 percent in constant currency terms, translating to 19 percent bottom-line growth, having increased prices to offset proposed tariffs and elevated raw material costs, benefiting as both progressively unwound, with the new CEO focusing strategy on the core five brands, strategic geographies like the US, and growth end-markets like infection control.

What fund managers say they are watching next is delivery of the new CEO's strategy focused on core five brands and strategic geographies like the US, continued unwinding of tariff-related pricing benefits, resolution of demand and cost headwinds tied to the US-Iran conflict and energy prices, and whether growth end-markets like infection control continue supporting revenue.