Although not aviation related, this story is a salient one regarding the consequences to a company when bad management decisions are made. Basically, the management of this notable UK finance company decided to obliterate their team of experienced brokers, the people who worked 'on the ground' and found and nurtured the customers. The 'front line' staff if you will. The result was the largest one day drop in London Stock Exchange history, a management in disgrace and a once proud company flat on it's back.
I highlight one particular quote: .
..."The company miscalculated an overhaul of its 4,500-strong door-to-door sales force leaving the business with “zero value” according to analysts at JP Morgan Cazenove, which also acts as Provident’s corporate broker"....
I also leave you with one of the reader comments after the article: ..."One can't help but wonder how any CEO can be worth this sort of package as in so many cases they not only fail to add long-term value to a company but in many cases damage or destroy companies in the pursuit of short-term gains that reap them personal reward"....
Anything sound familiar.... Have a read.
Provident woes mount as £35m boss walks