That's interesting Tamz. I think you are right he was a deal...

That's interesting Tamz. I think you are right he was a deal maker not really interested in the nitty gritty, I just think the initial success - and constant pressure to maintain growth lead to worse descisions. The board probably wasn't asking hard questions but riding on his coattails but in my view these things are endemic to the system.
I have a dim view of most boards and CEOs with a very few notable exceptions.
Crescent are now very blunt about what they will do - roll back the cockups of the last 3 years.
In the 2012 annual report 74m NPAT on 965m revenues. By 2014 revenues had grown to 1310m but profit was only up to 78m, the rest is history right.
I am going to have to go through these results and get a handle on things. And of the day profits are what will make the market rerate the company, regardless of which batch of gutless money grubbing beuracrats position themselves at the top of the monkey tree -fleecing shareholders for all they are worth.
Crescent might give out local theologian a shot, could be worse people for sure.
I am afraid it's very much an old boys club though, anyone with any real merit is effectively weeded out in these situations. People put way to much emphasis on management when evaluating companies.