sikiotis fired, page-59

you must have read me wrong.....

i think Mckay has got little chance of remaining CEO unless he pulls out some outstanding deals within a very narrow window of time. if he wants the CEO role indefinately then the clock is definately ticking for him.

i dont believe Mal Clay is the type of businessman that is prepared to "experiment" with an untried CEO when he has significant capital at stake. i believe that amazingly this has probably played into Mal's hands as he can now hand pick a board of professionals to steer ZYL in a positive direction.

as for Nick, yeah i admit i liked the guy. im no accountant, cant say for sure but i think the charges against him were for "kick backs" relating to a family company that ZYL purchased goods from, from time to time. the article yesterday said the goods were paid at "commercial rates" which to me imply that ZYL were not overcharged. im not familiar enough with the law to know whether that kind of arrangement is legal or illegal, possibly Mckay knew it wasnt legal? however it was disclosed in the FY report so i dont believe Nick was fraudulently trying to hide anything.

regardless Nick was receiving arguably an excessive salary for a company so small and the sp says the story, he underperformed as CEO in my opinion. im torn between whether he should be offered an engineers role under a new board or whether the whole slate should be wiped clean at an EGM. Happy to leave that decision up to Mal.