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Saturday, 17 January 2009

Mecom - whoops

The news came in yesterday that mecom finance director and all its five independent directors had resigned en masse

Thats en mass alright. To lose your finance director in the midst of a financial crisis is, i suppose, just about acceptable if the independent directors remain (to ensure fair play) and conversely its probably ok to lose your independent directors with you finance director in place. But all together en masse. Whoops. By the way Monty (David Montgomery) remains as CEO but he has been forced to relinquish the Chairmanship.

Just what went one is unclear but it must have been one helluva power play. We know the (ex) finance director John Allwood. Having worked closely with him at the Telegraph and at mecom we can vouch for John. John is good guy, a straight guy, practical and sensible. Just the kind of guy you need in a crisis. Well John is no more and that's bad for business.

Its hard to blame the credit crunch for this one. This is old fashoined boardroom antics. Shame

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