A fashion guru from overseas to run PlaceMakers etc
Well, I guess it’ll work out just fine
http://nzx-prod-s7fsd7f98s.s3-websit...889/413567.pdf
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A fashion guru from overseas to run PlaceMakers etc
Well, I guess it’ll work out just fine
http://nzx-prod-s7fsd7f98s.s3-websit...889/413567.pdf
SP continuing on it's merry way up 3%.
The job might need a name change to something more flash .. how about AMA-FBU or AMBUILD ? :)
Might cost a few mil to toss out the past relics and rejig a new Image - but it might be necessary
if the systems are getting an expensive all gloss over
Can't expect a new Fashionista to hang out in dreary old digs of the past bygone with antiquities of decades of previous largescale carnage adorning the walls & shelves :)
But what happens if some of those old systems & methodologies were the best gold producing ones FBU ever had or possesses now ? ;)
Happened before - hasn't it - with newly installed brooms tipping upside down what was there & things turning .. well .. ?
What I am hearing is that several business unit's are struggling with the way the younger people approach the job. (being super diplomatic with my choice of words).
Therefore, like what Adamson did, enforcing change for the long term to bring NZ into the modern world is probably the right thing to do.
They're bringing in consultants to gauge shareholder mood? Really? I wonder what "legacy" that little exercise will reveal...
Guess that answers my question as to whether or not FBU management are in tune with anything at all.
I would think they are either going to sell each business unit and wind down FBU itself or start the process of looking at selling Non Core Assets. Could they float some of these as IPO yet control the business by holding 51%?? I wonder if there would be a market appetite for this??
Note the reason for this mess is the Legacy Estimates done by Adamson and his team especially those Fixed Estimates. Construction division in this case if not done right will always bring down any business regardless how well the rest of the company does as we deal with telephone numbers.
FBU is already the remnant of the Fletcher Challenge Group which sold off a lot of peripheral assets (St Lukes, Wrightson, Rural Bank) in the 1990s and then, sold off Fletcher Energy & Paper and then, Forests was taken over - leaving just Building to carry on the legacy.
Doubt very much there will be any further split and they are selling off non peripheral assets anyway.
Big mistake made by the current Board and management team is the decision to totally shut down the big project construction division, leading to the loss of all the long serving experienced staff (good went first as they could easily get jobs). That has compounded their problems in completing the legacy projects rather than helping.
There will always be Fletcher Legacy in NZ Balance even if it doesn't say Fletcher, but this is pure and simple math's. Legacy's don't matter for much when one finds yourself in a large pickle.
Its either that or they better hope the Iplex issue doesn't cost them more telephone numbers and that the Convention Centre in AKL write offs are complete.
Yeah maybe but Taylor was adamant that they were doing no more vertical construction early in his watch whist he cleaned up this mess. Not sure what he would have done once they had cleared the cupboards.. Sadly has fallen on his sword.
Formica was a good buy