Thanks for referring me to The Australian article.
I've just finished reading it and just found that the Chairman will resign at the next AGM.
This is a good development as he has presided over massive shareholders value destruction over 11 years. It seems every year there is always an excuse for their stuff ups, eg. QLD flood, Distribution Centre relocation, Christmas merchandise issue, indigestion after taking over a number of collapsed competitor's sites, etc.
Throughout these years, he has been drawing excessive salaries ranging from $90,000 back in 2010 when he was just a director, to $164,000 in 2011 when he first became chairman and to $206,000 in 2019.
He can't guarantee what will happen to company's profit next year, but he will make sure that his base salary always increases steadily!
I remembered attending TRS AGM a few years ago and one of the shareholders asked him about directors' negligible shareholdings. He answered that he doesn't believe the amount of shares that he holds (or more accurately, the lack of shares) is a factor in his or his colleagues' professionalism in discharging his duties as a director. What a load of non-sense!
TRS is a classic example of what will happen to a company when you have a bunch of people with arguably zero financial interests in the company, making important decisions that will affect the company's future. The end result is not that much different from what we get from a typical city council.
TRS Price at posting:
$1.86 Sentiment: Sell Disclosure: Not Held
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