sturman masimara14 Oct 2018 20:12
about the only 2 here who show the slightest awareness of the big problems.A couple of years ago therewas another knowledgeable guy but he washed his hands of tcg and boy is he glad now.
Most of the rest want to kid themselves and make excuses for the ruinous CEO and his pointless, badly let us down board.full of people with NO relevant experience I can see.
A brief summary-yes 6 years ago TCG came within a day of going out of business.THis was due to the top two being unbelievably poor AND do you imagine they magically managed to have clever people working for them? yes joke.THe shares dropped to only 10p simple due to worries whether the big debts could be rolled over, not because the business was fundamentally unsound.Yes saved by the PM and the banks insisting someone worthwhile be put in charge. Enter Harriet Green who had some reputation as a rescuer.I think some of the dead wood were pushed out but unfortunately this did not include Fankhauser.
Things were so worrisome, I suppose we did not object too much at Share options being dished out when the shares were 10p or a bit more but look at the sequel.The company recovered some -pretty much what you would expect once the panic was over-until 2 or 3 was it ? years later Green<who had confirmed her intended tenure was 6 years, shortly before, seems to have been pushed out. It does look like this palace coup was organised by Fankhauser since that talentless individual,who had been years at tcg, got her job.She probably didnt care much with her big payoff ,much of which she was forced to give to charity later.
The situation now is eerily similar to 2012 with abysmal management and debt higher than it ought to be.Fankhauser is a millionaire many times over from those ludicrously low priced share optionsbut despite this he also thought he would pay himself £4 million a year, which seemed way out of line for a company this size. Yes protests from the institutions resulted then but we need them right now ? It must be obvious he has done nothing to justify any of this.
Remeber how he refused to even apologise to the parents of the 2 children who died, based on the idea that the judge had not criticised TCG. A simple courtesy costing nothing shows what kind of a man he is.
Now he has just flown everyone home which the other companies did not, showing no judgement just panic.May have been influenced by the fact tcg had claimed a recent inspection had shown all ok .Now the latest thing re brexit more or less telling the world not to book with TCG cos brexit will cause astonishing dislocation and tcg is telling you ahead we take no responsibility if you do! Did our rivals do similar?Again poor judgement ; for 3 years we have been subjected to absurd scare stories put out for political reasons only.
Isnt this Chairman stepping down after 6 or 7 years of what ?The most important function is the ability to sack an incompetent CEO; so come on, better very late than never ?
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