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re Questions on accuracy of the RNS are reasonable Qs too!
As I posted earlier "Salomon Brothers and Smith Barney are all connected to CitiGroup, so 11 years is correct."
"Someone asked the question about the Chair. Any suggestions?"
Rocking. I love rocking chairs.
AIG - I think they were very reasonable questions and you got some good responses - and some of the kind I’m sure you were expecting.
It’s rather ironic that you’ve got some flak for doing exactly what is expected of good NEDs :-)
For balance, it's worth looking at who's leaving. Read the descriptions on Argo's page (still to be updated with the new team) - People leaving are Ian Macleod, James Savage, and Marco D'Attanasio.
https://argoblockchain.com/meet-the-team/
No one seems particularly upset about the leavers. However if Peter or Perry left it would be a different story.
Thank you Hexam - have sat on boards and worked at both an Exec Level, and a Non-Exec Level, I know exactly what is and is not expected at that level - as well as the pocessess to get to that point.
It does, to me, appear to be a PW, rather than a Chair Person appointment, i.e. a personal rather than a commercial appointment and that is no disrespect to BD, but I would presume even she would admit to having an affinity with Argo and PW (she named her boat after the company after all - so emotionally attached).
The questions on who is Chair, from a governance perspective, is essential
Remember, much is said about the openness and transparency of Argo, this doesn't actually appear to be very transparent or open
I am of course going to remain invested, as do see growth still here, but the clarification of a truly independent chair is essential IMO
As well as the declaration of exposure of these new appointments
Seeing how the company has grown, since they have been on board, be interesting to know why they have left - but more interested at present on the here and now
The ARB board had too many men. That drives away some institutional investors which is a bad thing. I am 100% behind his new appointments. Good move by PW.
re: Sarah Gow's CV, it is 100% correct to say that she spent 11 years at 'Citigroup', which includes hundreds of subsidiaries and companies that were ultimately bought out by Citi/Travelers, including those she mentioned.
Yes - Ian never seemed to appear at the forefront. More behind the scenes man I figure.
Good point argobull
I expect a lot dont even know about the 3 leaving, let alone care their gone
“IMO it is a very questionable appointment and as an investor, not one which I feel is in our best interests”
Is this comment based on an extensive working knowledge of her strengths and weaknesses?
To make a statement like that before said person has had a chance to prove her worth is going to leave you open to criticism I’m afraid. You should know that given your Non-exec and Exec experience.
AIG - regarding who is chair - the RNS states:
"Peter Wall has been appointed as the Company's Interim Chairman and is anticipated to hold the position alongside his role as Chief Executive Officer, until a suitable candidate has been identified"
AIG
“ Seeing how the company has grown, since they have been on board, be interesting to know why they have left - but more interested at present on the here and now”
My guess is that they left because they were asked to leave!
As someone who has board experience at exec and non-exec level, you should be the first to appreciate that different attributes and skill sets are required at different stages of a company’s growth. The one-man band, garage-based inventor will not automatically have what it takes to run a multinational manufacturing corporation.
I don’t think they jumped. Of course, I may be wrong, but why would anyone jump from Argo before it becomes a multimillion field leader?
It is "very questionable" - I have not said it is the wrong appointment
However, if you note her social media posting it is clear very emotionally attached to Argo, hence, questions as to whether that emotion stretches to PW, who she is in place to hold to account
That is why it is questionable
Levels of relevant and upto date experience for, what is hopefully, will soon be a multi billion dollar company in the NASDAQ, is also a key question
As the opening post said, unsure what bring, but trust PW
However, 'trust PW', is the very questionable part, as mentioned above, the post is to hold PW to account
FlowerPot99
“ Good point argobull
I expect a lot dont even know about the 3 leaving, let alone care their gone”
That’s not what Argobull posted. Everyone who read the RNS knows they have gone, unless you are suggesting we have group Alzheimer’s.
That's what I was getting to, rather crudely admittedly, the same person holding the CEO and Chairperson post is not great - unsure if NASDAQ will allow it also?!
You are too right. I thought Ian had not been there that long beg 2020 but as you rightly say ‘different stages’ require different foresight. Relatively fast progressing company. #aheadofthegame
The changes are entirely appropriate to Argo's development. Steering an early stage company through growth and initial investment is completely different to directing a market leader. It's not at all unusual for early directors to move on and be replaced by business and financial professionals for next stage in company development. ARB is currently planning a step change in activity and probably business strategy/diversification. It's idea timing and the skill sets fit that challenge.
'interim' Chair, he'll be replaced before NAS I suspect
and that interim chair is probably going to be- a man. Probably hire a Global Head of Human Resources - a woman.
As always kevmc you misread my post. Probably because of your obsessive compulsion to try to correct everyone that doesnt agree with your thoughts!
I said argobull made a good point
And It was my guess that a lot of people invested here probably never even knew these 3 people existed anyway.
Pls just put me in your green box . You will be a lot more relaxed then I'm sure
I think the issue about these posts being filled by men or woman is a completely red herring
If a man makes me money great, if a woman makes me money great!
Being in HUT8 too, which has a female CEO, for example
As long as they are up to the job!
At the end of the day, the appointment has been made
But lets hope these initial questions highlight that there are investor questions on this appointment and if, as I feel, it is a PW, not a Chair Person, appointment, then there may be more, or greater levels of scrutiny, before decisions are simply nodded through!
Flower
“ And It was my guess that a lot of people invested here probably never even knew these 3 people existed anyway.”
Well, you could always use the right words to say what you really mean, instead of other words that mean something else.
Just a suggestion.
Yes kevmc you are a lot better than myself at expressing what you mean, well done you. I promise I will try harder and follow your suggestion
Please follow my suggestion and a put me in your green box
Is it in any way relevant that an appointee has boosoms? Crikey chaps (and of chapesses :-)). 2021 and all that
Hey as long as they have the necessary balls to get the job done!
But yes PC employment must put everyone on a level playing field. ie we can ask whether the females BTC salaries are the same as the men’s lolz!