ambition not greed

Former ABC Learning Centres CEO, Eddy Groves, said he hopes to one day reinvestin the Australian childcare group he founded. Groves, who recently sold hisstake in ABC and stood down as CEO, said he believes he is still the best personto lead the company. In an address to the Ipswich Chamber of Commerce &Industry, Groves conceded ABC should have never entered the US market, andassociated the huge fall in the company's shares with global financialconditions, short selling and unfounded rumours about the business. Groves saidbeing a public company placed pressure on ABC to continue growing. The groupborrowed $A1.8bn and increased its number of centres from 43 to 2,100 in sevenyears