Management and Board AssessmentPrior to the AGM I intend to send another letter to the Board and Voting Trust providing a follow-up to my letter of August 2017. Regular readers of this bulletin board may recall I used the framework of the National Post article outlining the value destruction over the past decade under Honderich's watch to try and stimulate some reaction from the Voting Trust. The coma continues...unabated.
Boynton has been a disaster - the "Transformation" is nothing more than a marketing fraud concocted to hide the bankruptcy of ideas. The Wizard of Ozzzzzz was an uninspired and another in a long line of poor CEO choices. No experience as a CEO or in running a media company. Who thought this was going to work out well? The organization design is a mess and you couldn't make it any more convoluted or confusing. Every decision is bottlenecked and decision-rights are murky on good days and non-existent when it really matters.
The new crew of expensive retreads have done nothing but create more uncertainty and disruption in an organization already under siege.
This Torstar-Postmedia deal should have been good for the businesses but was handled with incompetence, ignorance and arrogance. Heads should roll but you can be sure nothing from the top of the house will feel the heat. Where was the Board oversight on this deal? It is amateur hour except amateurs wouldn't have told the bald-faced lies that have come back to haunt them. They will get slapped with a fine and some public humiliation, but Godfrey and Honderich will continue to exist untouched in their bubble worlds.
It is only when the Voting Trust feels the heat will the dominos start to tumble. That time is coming when it becomes apparent to all this fraud is about to come undone.