Originally Posted by
bangbounceboeing
You just can’t wait for virgin to go under can you Paragraph377
He's allowed to make comment on what, by any objective analysis, is a case study in corporate incompetence and greed of the highest order.
Even if you put aside the endless garbage about 'cash flow positive' (if you're a business and you don't make a profit, you're NOT sustainable in the long term, especially when you can't even make a profit after having BILLIONS tipped in by corporate owners)... the share price was between 40-50c when the previous CEO took over and we've now had a year or two of the new CEO and where is it now ... trading at 5.7c when I looked just a minute ago... but been hovering around the 10-15c mark for months.
This company had/has potential, but it has been utterly destroyed by monumental incompetence, by leaders in many cases, who are stunning examples of intellectual incapacity... WHO buys another airline to expand the business and then closes half its routes and places aircraft against the fence only to pay through the nose for a competitor to do the flying for them... WTF was the point then of purchasing Skywest? If that wasn't enough you've got the cockup with the 737/A320, letting the A320 drivers go on the basis they'd get approval on the AOC for the 737 but they couldn't even do that until something like the THIRD attempt... not to mention the DPS debacle, this is supposed to be a PROFESSIONAL airline group and they can't even manage to put DPS on a sustainable basis for one of their subsidiaries without completely cocking that up as well. OzJet was a tiny airline with a dozen head office staff and even they could successfully get DPS on their AOC and start operating without any problems (there's were mainly financial).
There are numerous other calamitous stuff-ups along the way too, choosing the wrong computer platforms which are completely useless at the coalface even in normal operations and less capable that a 45 year old platform used by Air NZ.
There are some wonderful people working at VA and TT and it's just a damn shame that these colossal morons have nearly destroyed this company in the space of a decade and left it potentially teetering on the brink while not taking one single pay cut or giving up a single bonus from my memory, the previous CEO even being paid more than Alan Joyce at one stage for the incredible achievement of turning in one loss after another. People who work there talk of anyone with expertise being shown the door as well, that's some pretty strong arrogance to be the purveyors of a total corporate cockup and still have the gall to throw aside people who know what they're doing and might help you dig yourself out of the hole.
If anything, Paragraph is too damn nice in his comments.
There's a reason why the previous bloke was derisively referred to in the competitor as 'mini-me'.