With all due respect I am unsure if this is correct strategy right now IMO.
The CEO/MD has taken the fall for the downgrade of 13 October 2014 and the Chairman has moved quickly to continue with the formal strategic review process (that was started some months ago) engaging some "hard money contracting veterans" to review projects and tendering processes and procedures with a view to inputting those findings and recommendations into the 5 year strategic plan for the company.
All people have employment histories and sometimes things happen in roles that you have no control over and the issues as I understand at B&B were wider than just one persons involvement.
Hanging the Chairman on one supposed historical failure is not good practice IMO. If that were adopted cart blanche the ASX would be littered with Chairman resignation announcements. Not going to help I am afraid.
Some constructive analysis and suggestions other than suggesting that the Board/Shareholders vote to move the Chairman on would assist us shareholders understand the motivations behind the position taken here as it`s reckless to think that this suggested action will solve the issues facing this company today and into the future.
A robust recovery plan with clear actions and deliverables implemented by a new CEO/MD is the way forward now for this company. Build on the fundamentals that are already in place and deliver continually on guidance and the share price will look after itself if that is all executed well.
Suggesting that it might be a good time to further analyse the opportunity presented right now at current SP levels.
As always DYOR.
da profitmann
WDS Price at posting:
31.0¢ Sentiment: Buy Disclosure: Held
