Smithers21 Apr 2019 07:02
IMO the BoD run WSG like it’s still their business. They’ve never got used to the idea that they’re ultimately in the employ of shareholders. Nobody at Bumbly is accountable. It’s all too matey and I suspect it’s PF’s way or the highway. They follow PF’s ever more grandiose dreams as each smaller dream fails. The likelihood of these ever larger dreams ever materialising grows smaller, given our collateral and experience - we’ll be talking to Schipol in three or four years at this rate!!
I have witnessed, first hand, the consequences of a fellow board member crossing PF. Not sure if it was merely theatrics or a confirmatory insight (for me at least) into the daily function at Banbury. Either way, it was unsavoury and said board member is no longer there. He was neither friend, I suspect, and wasn’t family.
I suspect, that if a new board or CEO was appointed, we’d find that there isn’t much of a business to work with. A ‘contract’ that we can’t sign. A contract that the African client won’t sign. A boat we can’t sell. And abundant MoU’s with clients high on ‘noise’ but devoid of commitment.
Succession ‘planning’ has been a topic for years. No joy. Can’t think why? Might just be that if you don’t share the dream then there isn’t really much else to work with - is there. A bit like putting a remainer in charge of Brexit!! Why wouldn’t a plethora of motivated CEO’s not jump at the chance to drive forward such a dynamic business on the cusp of transformational growth. Why wouldn’t the new Chair buy into the project with large chunks of his own cash?
Probably, based on years gone by, because it isn’t. That’s certainly the view of the wider market.
That’s why we are sub nominal.
Hope I’m wrong.
I’m just not sure if the BoD are more deluded than shareholders or vice versa. Trouble is they have the info to make that judgement - we don’t.
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