Consequences of bad management
 

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

Are they really bad management?

Bad from the perspective of the investor/shareholder?

I'm not takin the piss, they are an absolute abomination as far as employees are concerned.
An overall lack of leadership and morality have completely betrayed loyal employees and their rightfully earned careers.

What's that saying? " I wouldn't piss on them if they were on fire"

However,

Investors don't care about your career or happiness.
They don't care about their investment beyond its returns.

And management answers to them.

So the slashing and burning of costs (employees) to return to profit is all that matters, not you.

It's a sad reality and none of the employees deserve this travesty from these poor excuses for "managers" that run CX.

There is a reason the word 'fool' is in your username... The point of the article was to highlight that bad management can result in a destroyed company. You however are arguing that our managements actions will result in a positive outcome for both company and management. You mention 'investment and it's returns'....? Have you seen the 10 year stock price? One of the worst results in any stock market on earth. Talk about 'missing the point'.

It's merely an opinion from a different perspective.

This forum is rediculous. Every person who voices an opinion is berated for their viewpoint, Perspective, lack of grammar or otherwise. The "bullies" pretty much ruin the conversation before it starts because they refuse to see the forest. (Sound familiar)

I guess the apple doesn't fall far from the tree at CX.

Ok. I'll admit your point. Fair cop. I retract my criticism. The point of my post was different however.

When the insults flow it's down to lack of a better argument.

Profound. Thank you.