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****eye,
Surely your answering your own question, yes he was useless, but done exactly as he was told after TK went that was exactly what they needed a yes man, does not matter if he was any good or not !!!
So simply if you were one of them receiving the pay cheques for the work he has done, then i think you would be pleased with the work he has done ???
Distressed and Wiseman, anyone who has seen the note/letter Ferrier wrote to Oilman (its pinned on his twitter page) would know this was the action of a man unfit to be a marketing manager, let alone a CEO.
Why would any CEO get involved with the squabbles and feuds of private investors, let alone comment on them in letter? Extraordinary.
'As for merging because " Genel has a better management team" raises two issues :
(1) How do you know that is the case'.
It would difficult to imagine they might be worse.
Failure at MAERSK, , Failure at gkp ( lower case intended ) congrats on milking the private investor.
Distressed - I agree with you that something changed from his early days of joining to the man he has become. When he joined he was full of beans saying the right things and I too was hopeful he would deliver clearly that’s hasn’t been the case. Who knows what has gone one behind closed doors but clearly something changed and whilst I firmly believe he was not upto the task his lack of skills/experience doesn’t completely explain such poor communications and failures during his tenure.
SS - Leaving of JF opens up a vacuum in my opinion we could be vulnerable until a replacement is found and appointed as anyone knows once a person has decided or been asked to leave motivation to take on new endeavours wouldn’t be high on the agenda. The sooner we can find a high calbre replacement the better. As a long term holder I certainly don’t want us to be taken out on the cheap or a merger which doesn’t reflect the true value of what we have.
I think we can conclude that the bonuses regime, which our management were so handsomely benefactors of, was for obeying MNR’s orders in developing the business into the charity which GKP has become.
Wiseman72,
Let me explain my reasoning, if as you say he was just a poor manager of the company he would have been sacked long ago
however if he was a poor manager under instruction then he would be allowed to call the shots on when he goes and on what terms
I do not think it`s hard to work out to be fair he was a puppet having his strings pulled believe me
No merger , MOCs do not want middle sized Co's muscling in . If the conditions suit the MOC share holders ( pension funds ) then there will be M&A . ATM still at an impasse.
It is true Mr Ferrier lacked a track record as CEO , but at the time I think there was a shortage of candidates. Im sure the BOD would have compensated.
As for merging because " Genel has a better management team" raises two issues :
(1) How do you know that is the case
(2) Assuming that is the case then it has just been addressed by the resignation Of Mr Ferrier ?
IMO
What would GKP gain from such a merger ?
The KRG would still call the shots.
In my opinion JF was always out of his depth whether you believe he was ‘told’ to fall in line or not I am not sure however he had a decision to make it that was the case comply, whistleblow or leave. Clearly he has been happy to pick up his money and bonuses despite failing to deliver his own set targets and that for me makes him just as guilty if he was falling in line.
Regarding GKP/Genel merger rumours personally have always felt it could be a good move however the devil would be in the detail around any merger proposals. Personally GKP has the far superior asset but Genel has a superior management team and better investor relations.
Let’s see if we have better times ahead all the fundamentals point that way.
GLA
Why not merge with Genel ?
We would have a more diverse company , and the KRG would find it more difficult to push us around !
No you are not wrong. GKP/ Mr Ferrier were following instructions and the new CEO will be under the same constraints until the Politics are sorted.
As for a merger with GENEL ? It may very well have made sense a few years ago , but there is no sense in it now.
IMO
Admittedly i have criticised JF more than most, because on the face of it GKP was poorly managed at best, but i remember the JF that we see on the GKP TV when he was first instated and i thought this guy is here to do a job, well I simply think he was having his strings pulled by the people above him, and whoever comes in will face exactly the same issues
I DO HOPE I AM WRONG