Hmmm, I've read their letter twice...and I'm thinking twice. They make some very good points.
Most telling was the endorsement of the NTAA - I take this to mean that if GC remains, then their continued business would be a tad rubbery. In any event it would seem that either way we are going to lose a key player.
Motion defeated - GC stays, Brent Jones more than likely walks, as might the NTAA. Plus Peter Brook becomes a non starter as Director and I think he woud be useful. I'm not sure we need a cricket team of directors as they have suggested, just better quality and greater indepth industry knowledge.
Motion gets up - GC goes.
I like GC, but he is a Maverick, and Maverick's miss-fire as many times as they are successful. The letter from the 5% has listed many of Garry's past sins, many of which we have individually recognized, but when they are put in such a cohesive context, its hard to ignore.
Clearly, GC has operated as a unguided missile but part of the blame must rest with a weak/dysfunctional Board. The cavalier trading in equities is unforgivable as well as unprofitable (losses of $1.4m - I don't need a highly paid exec to do that, I am more than capable of doing it myself).
There is substantial evidence of a lack of purpose and direction at Board level and CEO level. Got to get back to one dream & one team. I don't think GC's personality fits this model and besides, the cracks appear quite wide.
The focus must be on the professional services business and the licensee biz. This makes for a simple to understand business model and easier to get consistent KPI's rather than the 'fruit salad' of purposely selected choices we have been getting to placate the crowd. Like the magician, don't watch the wand, watch the other hand, well, I want to see the other hand. So too, does the marketplace, as I understand it.
But, the most telling piece of information, which is totally missing, is the allegiances and loyalty of our revenue generating licensees and staff. Can anyone share any information here? I just hope this stuff hasn't spooked our valuable cattle.
Finally, I am surprised that the 5% team haven't left the door open for people to ask questions of their plans.
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