Our new CEO was promoted from COO, previously heading up...

Our new CEO was promoted from COO, previously heading up construction and contracting.
I've been keen to see how well he did, with the results now at hand let's have a look!

-- Results 2011 vs 2010 --
(Segment revenue, Segment result after tax)

Contracting
Revenue DOWN ~ 24%
Profit DOWN ~ 53% !

Construction
Revenue DOWN ~ 44%
Profit DOWN ~ 572% !!
- In fact this is appalling.
- 2010 was ~$3.6m profit, 2011 was a loss of ~$17,000,000 !

Our CEO apparently said results were "completely unacceptable."

What did our "refreshed" board think of these results?
1) First a promotion from COO to CEO
2) Leave shareholders in the dark for about 8 weeks in the process
3) Increase CEO base salary a whopping 230% from the previous year!

These were the two arms of the business that always saw VDM through the tough times.

Seriously going from a profit of $3.6m to a loss of $17m for one business stream, is grounds for dismissal, not promotion.

On top of this, the cap raise turned into the benny hill show.

They ask us to put our hand in our pocket, while they fill up theirs with salary increases to provide us with the end result, a company struggling via non performance where it matters, simple as that.

The record changes with these guys, the tune stays the same.
Mav