MPG - Metro Glass

[JeremyALD]

Well, nobody can accuse him on "leaving on a high".


Ouch - are we sure we want the new CEO to keep the momentum that Nigel has built going? And are we sure that MPG needs as well a highly expensive CEO from overseas? (S)he might not be better, but will be more expensive for sure. Maybe a Kiwi with knowledge of the local market (and the company), some fresh ideas and lower salary expectations could do as well?

Good news to me - Chairman and CEO gone in what has been a shambles. Now for just a few other board members to join them in what needs to be a massive clean out. What a messy company this is...

I just wonder what he's going to do with all his shares now??? lol

[winner69]

Glad that some of you have got your wish about the CEO leaving (or getting the boot who knows)

Feel sorry for Nigel .....wasn’t him who set shareholders expectations so unrealistically high ....so he was set up to be a failure in their eyes.

At least he got duly rewarded by the previous owners pre IPO for getting the company to the state where they could float it off to a excited punters with those glossy presentations about a fantastic future .......and the punters fell for it lock stock and barrel.

Hope your new million dollar man does a better job.

[bull....]

new ceo , most likely want to change things stamp there mark - write downs? restructuring? redundancies? the mind boggles

[winner69]

International search for a new leader for Metro

Rigby was the result of one of those such things ....head hunted from James Hardie in the USA

Be careful what you wish for ...might end up with high flying Fletcher Building exec who wants to move on.

[Beagle]

Glad that some of you have got your wish about the CEO leaving (or getting the boot who knows)

Feel sorry for Nigel .....wasn’t him who set shareholders expectations so unrealistically high ....so he was set up to be a failure in their eyes.

At least he got duly rewarded by the previous owners pre IPO for getting the company to the state where they could float it off to a excited punters with those glossy presentations about a fantastic future .......and the punters fell for it lock stock and barrel.

Hope your new million dollar man does a better job.

To be fair he has presided over the company for five years when top line sales have grown very strongly but he has been unable to translate that into bottom line expansion. It is time to find someone who understands the basics that top line growth without bottom line growth is meaningless. Maybe a bit harsh but that's how I see it. I know the getting consultants thing in to review all their operations from top to bottom has been done to death but I would have thought that's the CEO's job. Dare I suggest he was out of his depth ?
(Naughty beagle, get back in your kennell, not cool to kick a man when he's down after being fired, opps sorry I mean resigned)

[winner69]

To be fair he has presided over the company for five years when top line sales have grown very strongly but he has been unable to translate that into bottom line expansion. It is time to find someone who understands the basics that top line growth without bottom line growth is meaningless. Maybe a bit harsh but that's how I see it. I know the getting consultants thing in to review all their operations from top to bottom has been done to death but I would have thought that's the CEO's job. Dare I suggest he was out of his depth ?
(Naughty beagle, get back in your kennell, not cool to kick a man when he's down after being fired, opps sorry I mean resigned)

EBITDA more than doubled in his tenure .....and when the building cycle peaked so has Metro profits. He obviously knew that top line growth needed to generate bottom line growth

Bit unfair to suggest he might have been out of his depth

Punters sucked in by glossy presentations with unrealistic expectations and enriched the IPO promotors .... Rigby pays the price

That's life for you - at least he has his $5m of shares to hock off.

Hope the building cycle is kind to the new CEO

I laugh when I hear Brian Gaynor in his radio ad promoting Milford going on about the need for being 'curious' and that being 'curious' is the basis of Milford's success ....probably wasn't 'curious' enough when it came to Metro

[winner69]

Market doesn't seem that excited (so far) about Rigby leaving

Whatever it's often said a change can be good for companies

[winner69]

new ceo , most likely want to change things stamp there mark - write downs? restructuring? redundancies? the mind boggles

I think the Chairman already going down that path

You said the mind boggles ....I'll restrain myself

[BlackPeter]

Market doesn't seem that excited (so far) about Rigby leaving

Whatever it's often said a change can be good for companies

I still think there is value in this company - however, it might be wise to wait for the new CEO to get his/her feet under the table, remove the dead wood from the ranks and clean out the books.

Why holding now when they still need to write off a sh*tload of goodwill from their books - and I am sure they will!

[James108]

I still think there is value in this company - however, it might be wise to wait for the new CEO to get his/her feet under the table, remove the dead wood from the ranks and clean out the books.

Why holding now when they still need to write off a sh*tload of goodwill from their books - and I am sure they will!

If they wrote off all their goodwill tomorrow it wouldn't change anything for my valuation (unless it was due to some new adverse event that we aren't aware of already).