Getting debt under control is a good start, but it will not be enough on its own to turn RFG around. In some respects the debt is a symptom of the problem, and not the cause.
Falling revenue and the rising cost of goods sold quashed any chance of the debt being paid off over time, even in todays low interest rate environment. I think it was Hinson that tried to re-negotiate and rationalise the RFG supply contracts, but failed. My point is there is still a lot of difficult work to turn RFG around.
Peter Georges latest turnaround, Ovato OVT, did okay while Peter was at the helm. It tanked though soon after he left and it is now trading at around 5c per share.
Which brings me to my question. What is the incentivisation for Peter George to perform on the RFG turn around? What's his motivation to succeed with RFG?
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