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JB,
Specifically, Morrisons.
Under performing Thompson left the supermarket chain in 2015 after a 3.1% fall in like-for-like Christmas sales and introducing a poorly received "Match and More" loyalty scheme. At the time Morrisons needed a turnaround strategy, unsurprisingly they didn't turn to Thompson to deliver it.
I'd already given you examples of his failure, including Test and Trace, along with his abject performance at the helm of RMG. ( see current share price, for example).
Oligarch yes it did and I think we all know Billions were wasted. I am sure that money could have been spent much more wisely. I briefly read about his role in and my understanding was he was brought in on an advisory basis. I am not trying to defend him just looking for examples specific to him particularly in some of the successful companies he was invloved in. I would hope/expect RMG did due diligence before his appointment.
As we know if he fails here he will be shown the door.
Tyga, you need to look at your pension "in a nutshell" booklet. You can take your NRA60 from 55 years of age but there is a reduction of 5% per annum on the quoted figures. I'm not sure about the NRA65 pension but you can give RMPP a call to get a quote.
The retirement age was abolished under the 2010 Equality Act.
JB, didn't T&T have a budget of circa £37bn?
Looks as though Thompson has a knack of losing money down the back of the sofa.....lol
https://www.parliament.uk/business/lords/media-centre/house-of-lords-media-notices/2020/jul-20/lords-to-quiz-leaders-of-new-test-and-trace-strategy/
https://committees.parliament.uk/committee/127/public-accounts-committee/news/150988/unimaginable-cost-of-test-trace-failed-to-deliver-central-promise-of-averting-another-lockdown/
Badsterman absolutely can you give some specific examples of what aspect he failed on in each of the companies you have listed. I havent followed his career as closely as you. Have you invested in any of the companies he has previously worked for.
He was draafted in to help with T&T not sure that had many investors. Happy to learn what info you have on him. Of course you can share your opinion wherever you like are you invested here or looking to buy in?
LSE, apologies for my misdemeanour.
Perhaps we could discuss "Two percent" Thompson's litany of failure in executive positions?.....
Apple
Morrisons
HSBC
Lastminute.com
Honda
His career reached a new low after the multi-billion pound "Test and Trace" debacle, following which, he was called to account by a HOC Select Committee.
He's now plumbing new depths at RMG, such that 98% of his own employees voted against his plans.
His track record is disastrous.
Dowsie
Nice one mate. Ah, I see, well if any other posties on here know when they can access their pension if they've been in the company for a long time, I'd be interested to know the T&Cs.
Cheers in advance.
Tygra no I I’ve been a postman since 2006 you can stay until you are 67 if you wish that’s when I will get my state pension you don’t have to leave at 60 it’s just my 2 previous jobs I had were well paid with final salary pension I’m lucky enough to be able to retire. Has far as I’m aware I could excess my pension at 55 and take 25% lump sum and have the rest in a drawn down pension but I don’t need to touch my pension until I’m 65
Dowsie3
Is that the standard Royal Mail terms that if you joined in the 90's for example your contract says your retirement is at 60? Will the pension kick in from that date mate? I know you changed from final salary (but kept what was earned to the point of change) to the new pension, but will you be able to access all of your pension at your 60th Birthday?
Cheers
Anger ,Mike1974, isleworth, wolves
I have not received a letter for 3 weeks.
The deaf dog has been kicked until it bit and the dead letters horse has been flogged now for a decade+. When the dust settles after this, all that will be left will be GLS and a letter operation that will be carried out by piecework leaflet takers for 1.7p an item. These will be unsalaried unpensioned and if they slip on an icy pavement they will get no sick pay. Still they may get a pushbike and a massive box with 'royalmaileroo' on it
18-Aug-22 09:32:27 272.00 4,000,000 Unknown* 271.30 271.70 11m O
Significant trade. Any ideas what/who this could be?
In my opinion, Thompson is absolutely going to take on the union and the CWU represented grades, after all he now has nothing to lose. I believe that he has orchestrated this situation from the outset because he knows that many of the non staff costs involved in running RM UK are already fixed plus the number of delivery staff required to comply with USO regulations are also fixed therefore the only avenue available is to attack the current Ts&Cs of the workforce.
Anyhoo, when Thompson has succeeded in driving wage costs down to the same level as our competitors (and then departed on a nice fat GLS bonus) we can all expect our parcels to receive the same level of customer service as our competitors currently offer so we can all get used to searching in the wheely bin/hedge/next door neighbours garden for our parcels....lol
Cheers for the reply Anger .IMO he is going to take the unions on that is his strategy and even thou I’m a postman I think he will win and get the changes he wants the share price might drop in the next month but when he gets the changes he wants it will pick up the saying is short term pain for long term gain.Now the reason I’m saying he will win is the postman will struggle to live on 4 days money you only have to look at ispy who has been working OT to cover is losses . In my office OT is banned rounds fail but will go out the next day.I’m sure there are more officers that don’t allow OT . With inflation at10% and going to go higher people can’t afford to strike for long and ST is in for the long haul .Me personally I wil be striking but I’ve only got 10 months until I retire at 60 and I’m lucky enough I can afford to strike but I’m definitely in the minority
ASharkz it is always the case that the workforce have issues with the CEO just to varying degrees and dependant on that CEO's style. Previous incumbents have not communicated enough now we have ST saying too much acording to some.
We have had others accussed of moving too slowly, now its trying to do things too quickly.
You will know I have also said this time feels different and it is because it is the huge change of direction and focus to parcels and the infrastructure and network changes required to accomodate that vision.
I am not surprised by the CWU stance and we only have to look across the country and further afield to see how economies and individulas are struggling. If this was being pursued through a period of low inflation, economic growth, high retail spending it would be perhaps easier to negotiate/agree.
However its not, so either compromise is found or both sides take the hard line and we see what emerges when the dust settles.
In the interim we lose customers, drive businesses to competitors and weaken everybodies position.
Bit of a surprise Blackrock reducing their short reported last night I wonder if they will be changing their hedged position by buying more.
Never a dull moment with good old RMG. I genuinely hope it works out as favourably as it can for all.
Asharkz agree with your post a real crossroads but we still hold a shovel so can and will get out of the hole.
LSE admin thanks for removing the post from Badsterman with the unqualified direct financial advice.
AngerSharkz, "you can personally partake in industrial action indefinitely?"
No, that's not how it works, nor is it legal.
As things stand there are four days of industrial action planned. Any additional industrial action has to be communicated via the union to the employer and will achieve legal compliance provided that a weeks notice is given.
Obviously if only 10% of employees were physically supporting industrial action after the initial four days then that would be counter productive and the union would pull the plug to pursue different options however with two legally successful ballots, (both of which have shown that over 60% of the entire Royal Mail workforce including managers, non CWU employees and the BoD) completed then I would think that the situation would hold firm at least in the short term.
Anger I see you back ST vision for the future but don’t think he is capable of executing it what do you think he should do then to get the future he and you want
@ Anger.
You may not be alone there. Despite your obvious reference to VESA.
Maybe, DK thinks like you?
@ simx.
A valid point.
And probably one that cannot be answered, yet.
It will be interesting to see the co-operation from staff though, if, when these new changes are implemented.
Not forgetting of course, that RMG are watching you.
@ Anger.
"""I would imagine so? Do you not think at this point the chairman, the board (and probably a large 22% shareholder) might be backing Thompson?"""
We'll have to disagree there. Are you fully supportive of Thompson? You've been quite vociferous here about bonuses and dividend payments, that you didn't necessarily agree with. Two of the things that have led to the first ballot and possible subsequent strike action. In regard to the whopping pay rise.
AngerSharkz, I believe that the percentage rules only relate to the ballot itself. A minimum of 50% turnout with a majority in favour.
Angersharkz, I agree about the drop off and return to work, people have got mortgages, children, energy bills, a strike now is financial suicide, but here we are. Not sure what the position is for the returnees, since if they stop striking would that mean workers have agreed to the implementation of managements conditions? which would mean ST gets what he wants.
@ Arsenal.
I'm surprised you need to ask that question. But i'll answer it.
Yes!
While the exceptional pay rise got the expected turn out and result, i believe it to be secondary.
T's and c's are where the real problems lie. Put the two together? Not a good mix.
You may be aware that i'm building up a strike fund, courtesy of RMG. I'm looking at a grand by the 26th. So, eleven days paid for. Not great, but a start. It's odd that because of failure to recruit, i've managed to build this small pot up. And without working over my time.
All of my workmates feel the same, so the long haul it is.
Do you think Thompson will still be in a job at the end of September, if these first 4 days of strikes go ahead?
Isleworth are you getting ready for the long haul mate as it seems like you pr mate ST is ?