Message From the CEO
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Message From the CEO
After everyone reads the eMail/Article, consider the events that have lead CX to this point.
The Peter Principle has come home to roost big time !!
If you are not aware of this principle - check out the link below:
Peter Principle Definition | Investopedia
Consider these situations/ "innovations" in regard to the CEO's note - and who is responsible:
- Fuel Hedging
-New aircraft sitting on ramps delivering NO revenue "no seats"
- Industrial Lawsuits "worldwide"
- Cathay Defamed pilots - pays 56 Million dollars in compensation
- Cargo Price Fixing Lawsuits/Fines - approx 1 "billion" in fines over the years from at least 4 countries
- The cost of the latest change; Personnel Department "re-branding" to become "People Department" (are you kidding - this was the new "directors" first move on getting posted to new position)
- The cost of Re-Branding - "Cathay Dragon" (millions !!)
- New signage being installed at CX City ??
-iPads that will become surplus as "they are NOT the right "solution" for us..
-"Someone (i.e. CX CEO ?)" actually signed off & paid for the "Life Well Travelled" ad Campaign
The list could go on and on - please add.
Mr Peter must have worked at CX and completed his Doctorate thesis on his experience.
You just can't make this stuff up.....
The Peter Principle has come home to roost big time !!
If you are not aware of this principle - check out the link below:
Peter Principle Definition | Investopedia
Consider these situations/ "innovations" in regard to the CEO's note - and who is responsible:
- Fuel Hedging
-New aircraft sitting on ramps delivering NO revenue "no seats"
- Industrial Lawsuits "worldwide"
- Cathay Defamed pilots - pays 56 Million dollars in compensation
- Cargo Price Fixing Lawsuits/Fines - approx 1 "billion" in fines over the years from at least 4 countries
- The cost of the latest change; Personnel Department "re-branding" to become "People Department" (are you kidding - this was the new "directors" first move on getting posted to new position)
- The cost of Re-Branding - "Cathay Dragon" (millions !!)
- New signage being installed at CX City ??
-iPads that will become surplus as "they are NOT the right "solution" for us..
-"Someone (i.e. CX CEO ?)" actually signed off & paid for the "Life Well Travelled" ad Campaign
The list could go on and on - please add.
Mr Peter must have worked at CX and completed his Doctorate thesis on his experience.
You just can't make this stuff up.....
Last edited by Flex88; 14th Oct 2016 at 07:16.
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OMG, this is Cathay!
After everyone reads the eMail/Article, consider the events that have lead CX to this point.
The Peter Principle has come home to roost big time !!
If you are not aware of this principle - check out the link below:
Peter Principle Definition | Investopedia
Consider these situations/ "innovations" in regard to the CEO's note - and who is responsible:
- Fuel Hedging
-New aircraft sitting on ramps delivering NO revenue "no seats"
- Industrial Lawsuits "worldwide"
- The cost of the latest change; Personnel Department "re-branding" to become "People Department" (are you kidding)
- The cost of Re-Branding - "Cathay Dragon" (millions !!)
- New signage being installed at CX City ??
-iPads that will become surplus as "they are NOT the right "solution" for us..
The list could go on and on - please add.
Mr Peter must have worked at CX and completed his Doctorate thesis on his experience.
You just can't make this stuff up.....
The Peter Principle has come home to roost big time !!
If you are not aware of this principle - check out the link below:
Peter Principle Definition | Investopedia
Consider these situations/ "innovations" in regard to the CEO's note - and who is responsible:
- Fuel Hedging
-New aircraft sitting on ramps delivering NO revenue "no seats"
- Industrial Lawsuits "worldwide"
- The cost of the latest change; Personnel Department "re-branding" to become "People Department" (are you kidding)
- The cost of Re-Branding - "Cathay Dragon" (millions !!)
- New signage being installed at CX City ??
-iPads that will become surplus as "they are NOT the right "solution" for us..
The list could go on and on - please add.
Mr Peter must have worked at CX and completed his Doctorate thesis on his experience.
You just can't make this stuff up.....
I don't think that's what we are complaining about actually, it is just one of a number of things some of which have been highlighted already that highlight the disgrace this place has become and the fact the so many people who have invested their careers and life into this place, ground staff included, are helplessly sitting here watching managers completely destroy what should be a cash cow and believe it or not, a proud and happy place to work. Imagine that
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As Healy says. Symptomatic of the disconnect between the mangers (sic) and the staff who make it happen. Truly fiddling while Rome burns.
Why would they spend money on a "cockpit" in Abu Graib (aka The Headland Hotel) - where no-one gives a Rodent's Behind what trinket they have on display - when there are so many dysfunctional elements in FOP that should (must) be rectified at little or no cost at all?
Why would they spend money on a "cockpit" in Abu Graib (aka The Headland Hotel) - where no-one gives a Rodent's Behind what trinket they have on display - when there are so many dysfunctional elements in FOP that should (must) be rectified at little or no cost at all?
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They blame the loss of revenue on the world economy.
I blame it on the degradation of the once-best-in-the-world product.
They reduced the quality of the product with the intent of making more money.
Instead, passengers were not willing to pay the same price for a lesser product, so the ticket prices were lowered. Less revenue requires a reduction in costs (lowering the quality of the product) and the spiral continues.
Pan Am, anyone?
I blame it on the degradation of the once-best-in-the-world product.
They reduced the quality of the product with the intent of making more money.
Instead, passengers were not willing to pay the same price for a lesser product, so the ticket prices were lowered. Less revenue requires a reduction in costs (lowering the quality of the product) and the spiral continues.
Pan Am, anyone?
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The CEO and the CFO should be sacked for entering a multi year fuel hedge by taking a Naked Hedge position.
Criminal!!!
DEFINITION of 'Naked Position'
A securities position that is not hedged from market risk. Both the potential gain and the potential risk are greater when a position is naked instead of covered (a covered position is hedged from market risk).
BREAKING DOWN 'Naked Position'
If an investor simply holds 500 shares of Ford, he or she has a naked position in Ford. If the investor wanted to cover this position, he or she could buy put option contracts, which would help protect against downward movements in the price of Ford shares.
Whether to have a naked position is rarely a concern for most small investors, but it is a concern for large investment holders and institutions.
Read more: Naked Position Definition | Investopedia Naked Position Definition | Investopedia
Criminal!!!
DEFINITION of 'Naked Position'
A securities position that is not hedged from market risk. Both the potential gain and the potential risk are greater when a position is naked instead of covered (a covered position is hedged from market risk).
BREAKING DOWN 'Naked Position'
If an investor simply holds 500 shares of Ford, he or she has a naked position in Ford. If the investor wanted to cover this position, he or she could buy put option contracts, which would help protect against downward movements in the price of Ford shares.
Whether to have a naked position is rarely a concern for most small investors, but it is a concern for large investment holders and institutions.
Read more: Naked Position Definition | Investopedia Naked Position Definition | Investopedia
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Exactly Frank! What a load of complete BS, they are losing billions through hedging losses. Take that away and we would be having a record year.
Don't believe their lies, only there to cover up their own incompetence.
Don't believe their lies, only there to cover up their own incompetence.
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There was Ivan the Great, Ivan the Terrible and we get Ivan the clueless. If we are really in trouble then don't we want to be part of the solution? We, as a body, are proud and proficient. We cannot control what Swire does to the clowns that put us here but do we help or hinder? We are not in an unrecoverable position, just an embarrassing one. If we see a sea change in our management eg actually providing a 'Premier' product etc should we lend a hand? I will leave myself open to the pit bulls but I don't care about them.
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I find it comical. The most inept management team in the airlines history has finally proved beyond doubt of that fact. Now, the usual propaganda begins. From someone who has been here many years, I suggest simply ignore it. The predictable talk about 13th month or SLS and all the other 'threats'. Funny how most of our competitors are making record profits these days....heck, even Qantas is !! As a soviet union farmer once said: "they pretend to pay me and I pretend to work". The same philosophy will apply here. And Ivan, two things: 1) 13th month - if you think you have a disgruntled and non-coperative workforce now....go for it, and welcome to hell. 2) if you think you can shove another SLS down our throats, mainly because of your own managers magnificent fuel screw up, you know where you can stick your request. I fell for that scheme twice...I won't let there be a third time.
I think we can all agree that if profits had been down or heaven forbid we posted a loss due to external market conditions then we could accept the loss of 13th month. But when our losses are due to internal decisions to degrade the product and fuel hedging then taking away 13th month would be a very poor choice
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Not to mention that most of the pilot staff now are on much lower wages than years ago, without housing and other benefits. To strip the 13 month away would be the final slap in the face. At least it would provide a wake-up call as to the foolishness of staying around and making a career of things here....
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"when the tide goes out, you can see who was swimming naked"
Maybe time for Swire to put their hand in their pocket and pay for a turnaround CEO. Mueller's just joined EK, but Alan Joyce might be up for it, purely for the irony of CX opposing Jetstar HK...
Maybe time for Swire to put their hand in their pocket and pay for a turnaround CEO. Mueller's just joined EK, but Alan Joyce might be up for it, purely for the irony of CX opposing Jetstar HK...
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As it looks like 13th month is unlikely given the tone of that update perhaps we, the pilots, should pre-empt this and offer our 13th month for the hiring of an external non swire CEO, roughly HKD180,000,000 should attract a top notch manager. I would be happy to do it and would be a far better investment than continuing this head banging with current negotiating. Would pay off in the end.