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usc75

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16/07/16

16:16

Post #: 18285896
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Originally posted by richtea31 ↑

It is interesting that they haven't yet appointed (or at least announced) the next MD. I'm aware three Executives put their hat in the ring: David Mallinson, Fiona Smith and Robert Poole. There has also been the departure of two Executives, namely: Betsy Harrington in charge of business transformation and Albert Moncau in charge of Dairy Foods sales in domestic and international (and considered internally as the cause of the crises because in Oct 15 he ordered the change in priority production from domestic UHT products to Adult Milk Powder for China). What is more interesting, and gone largely unnoticed, is the people that have stepped up as new Executives, for example: Chris Diaze (Operations), Russell Abotomy (Dairy Foods), and Bruce Linke (Capital Projects), all three worked for David before he stepped up as interim MD.

Another fact I have found out this week is that their previous Head of Risk, who was well respected by the Board and Executive, shocked the business with his resignation in January. Why did he leave? What did he know? I don't see it as a coincidence that the guy who must have known all of MG's operational issues/risks walked out the door two months before this crises.

In addition, I'm aware MG has lost approx. 390million litres (11%) of milk supply up to end June, and Q1 milk intact forecast is predicted as taking that loss to 540million+ (15%).

I think the appointment of a new MD is the least of their worries.

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Thanks for insights.

It may take "father time", but eventually most-if not all-will be revealed...

MGC Price at posting: $1.28 Sentiment: None Disclosure: Not Held
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