Well I think for long-term holders this is the final transformation and you either like it or you don't. I have held shares in PGC since 2011 and really the last man standing on the board is Shane Tanner and Michael Newton. I suppose both are non-executive and as such, it was the three that have now gone that were executive.
Essentially I don't think its a bad thing as there is often a need to change the people as you get to need different skills but must say I am sad to see Brett Cheong and Mark Simari no longer at the boardroom table. They were the two who after an AGM took me through the plan and the offices and enthused me with their vision.
No, I am not selling my shares I have to just get used to the fact that roll-ups often outgrow the desires of the original team and that for it to go to the next level it does require a different style of manager. Much like the turnaround specialist should, after cleaning the business up, should fire themselves.
PGC Price at posting:
82.5¢ Sentiment: None Disclosure: Held
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