RE: Media23 Mar 2022 11:44
A lot of the media such as the times have been critical of the appointment on the basis that Allen was CEO of ITV when it had declining revenues etc. However ultimately operational reasons such as revenue were not really what people wanted from the chair - FT article had this bit:
"If THG's problems are ones of public perception rather than operational performance, however, Allen should have relevant skills in abundance.More tellingly, perhaps, THG cites Allen's "experience of working with entrepreneurs". He chaired the "chicken king" Ranjit Singh Boparan's 2 Sisters Food Group for nine years, through the food safety scandal. He has chaired Ashley Tabor-King's Global media group for 15 years. That suggests Allen is good at getting along with founders. It is less clear that he will serve as a heavy counterweight to Moulding."
Find the whole "need a heavy counterweight to Moulding" as slightly harking back to the whole anti-Moulding media narrative. Moulding has mostly delivered on his IPO promises, the CEO is always going to have the most power in a company obviously. It seems unrealistic that any board would hire a chair who they don't get along with.
FT also says this:
"The quickest way for investors to secure value would be for someone to take it out. Allen has abundant experience with private companies and the buyout sector, from his days as an adviser to Goldman Sachs and as EMI chair after the Terra Firma takeover. The challenge may be whipping into shape not just the group, but Moulding's price expectations."
I don't really see why Matt should not have high price expectations, why would he sell a division if the price wasn't good when sentiment is so bad atm when they don't need to sell.
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