March 2017 until now and the shares at 77 cents....The mythical transformation at Torstar continues unabated. On March 1, 2017, the day Boynton started, the shares traded at $1.53. In that time he has erased half of the market capitalization and what do we have to show for it. Quarter after quarter of disappointing results, no tangible sign of anything positive apart from gobbledygook about data and other nonsense that makes sense to no one.
GE recently made the following CEO change in leadership after less than one year:
- General Electric abruptly removes John Flannery as chairman and CEO and installs former Danaher CEO Lawrence Culp as his successor.
- The board had grown frustrated with the slow pace of change under Flannery, sources familiar with the issue say.
No sign that the gang from Sleepy Hollow has grown impatient while the organization slips further into chaos and irrelevance. No one should be surprised by this outcome when you bring in another CEO with no CEO experience and failure ensues. Add an incompetent CFO and we should be glad the shares are trading at 77 cents and not lower.
A good Board knows within 12 to 18 months if they made a good or bad decision around their choice to lead the organization. A good marketer can always spin a story that will dupe those incapable of knowing when they are being sold a bill of goods. Hiring a gang of fellow charlatans to support his fraud is a tried and true strategy for organizational asphyxiation. Time to dial 911 and hit the reset button.