Most of those changes were announced months ago, except for the appointment of the Group CEO, and the downgrade of Nooregaard by terminating his director status. The huge surprise for me is the appointment of the new Group CEO (formerly CFO). She will obviously just be Cookie's buffer from the outside world while he does whatever he wants to do. If and when he goes so will she from the CEO position.
I would like to see Nooregaard gone from WGX altogether - his management of the mining operations have not been a success. The plants are doing OK as far as I can tell, so Buckingham can stay. We have a long way to go before there is real management improvement with this mob, and I very much doubt that Fullarton will add any substantial value in her new role above whatever she did as CFO in financial oversight.
The market will not be impressed by the Fullarton appointment - it wants results which are very slow in being delivered and at too high a cost.
It may be that Cookie himself is now the biggest impediment to improving returns for shareholders going forward because its his key managerial appointee (JN) that has consistently failed to deliver. JN is not going to improve over time - he will continue to deliver substandard results until the company goes bust or Cookie is no longer at the helm.
loki (Cookie - your cooking is beginning to really stink.)
WGX Price at posting:
$2.03 Sentiment: None Disclosure: Held
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