He is not new, just promoted because his previous boss was fired.
I understand there is not much that can be done if a much larger competitor comes out gunning, but you should at least be able to see this coming and have had some plan in place for when it happens. Are we really expected to accept that the new CEO (who was running the US business) did not see KS promoting their entry into the US market?
I really can't see what the new CEO can say at this point that the market will believe given that he:
1. Was in charge of the USA market that lagged under the old CEO.
2. Didn't see the stock adjustment issue coming out of Walmart despite being the one in charge of the US market.
3. Downgraded earnings less than three weeks after the quarterly due to competition he should have seen coming months ago. This really is totally unforgivable.
There are some pretty badly run companies on the ASX, but YOW takes the cake.
YOW Price at posting:
10.5¢ Sentiment: None Disclosure: Not Held
(20min delay)
