RE: JB7 Mar 2020 12:13
JB, as a former employee of Royal Mail you will be all to aware of the level of mistrust that the majority of employees have towards senior management. Some of this mistrust is misplaced but then some is justified, remember "colleague shares"?
Moya Green got privatisation over the line despite huge opposition from the workforce and CWU. Before that she initiated WCM otherwise known as World Class Mail or (Wasting Company Money) however she was willing to engage with the CWU who are after all the collective voice of the majority of the workforce and the only medium for collective bargaining.
We now have a CEO who is not even willing to sit down in the same room with the "collective voice of the majority of the workforce" which is a dereliction of duty. It is his job to steer the ship on the best course however he cannot do this on his own and will rely heavily on the deckhands to pitch in but without their cooperation the ship may sail onto rocks and cause huge damage.
It's easy for people to be pragmatic and say "the employees should be more flexible and bend to the wishes of the CEO" but this is a man who has gone back on the words and agreements of his former boss and most employees are now thinking "what is he going to renege on next"?
I feel that the trust is gone and it will probably never be regained under this CEO so get ready for another 44 months of shareholder agony.
Also, those shareholders that think that their get out clause will be for RM to sell GLS and give them their £3.30 per share back and then leave RM to sink are misguided in my opinion. There is more chance that the government would take back control of RM, sell GLS, trouser the profit and leave the shareholders with nothing. IMHO of course.