yes, that risk is acknowledged
in my view what needs changing is as a start Board level renewal or the addition of new independent directors that have the intellectual capability and intestinal fortitude to strongly challenge management, Phil Ryan, on:
1. the long term direction of the business - is discounting to hell the right long term outcome for shareholders? What will change to ensure this never repeats again?
2. to see and critically assess decisions like the disaster to invest the entire $3.05 per share capital raising amount of $132m in discount inventory that is now being sold at an EBITDA loss
2. to challenge why after 3 years of investing in the USA in Avenue and 2 years in the UK in Evans, CCX can’t sell inventory directly beyond those borders for those brands
3. to understand and pursue management on why there has not been an acquisition of substance for over 2 years
4. to query the make up of the executive team and the strength of its international management- is the existing concentrated management led Sydney locational team the right and only answer? How can CCX truly grow globally with its existing management infrastructure?
5. is it correct that the CEO Phil Ryan is hardly invested at all by way of his own wealth cash acquired from his own funds and can his own interests ever be really aligned to those of shareholders as they should be?
6. can the two Board members that have worked/working with highly successful Australian originated global discretionary consumer companies in Lovisa and Cotton On truly be proud of the disaster they have presided over at CCX in recent months?
One can keep going-hopefully you get the point
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