KBB161718192030 wrote: Todays G&M has a section devoted to Corporate Governance. Where does BlackBerry rank?
No well, since 2020 the ranking has seen BlackBerry decline to todays abysmal bottom of the pack.
Why?
Well, simply, the BoD gave control to the CEO and Charman of the BoD as a legally binding employment contract that effectively hamstrung the company to payout the employment contract with $144.8M should there be a break in the relationship or the company is acquired.
Problem with the agreement, the ceo, Gone When, has not performed, not even close. Simply, Gone When has failed to produce revenue growth, failed to project a time frame to profitability, and yet Gone When remains. Gone When has excercised his considerable power ceeded by the BoD to make personal hires of VP's / Presidents responsible for sales and then fire them with considerable severance packages. The last one spent 15 months under Gone When and was enriched millions of dollars upon his exit!
Gone when has reduced revenues from 2018 $1.1B to current $700m. Gone When continues to produce losses because he failed to generate sales. The BoD cannot afford to fire Gone When because the ceo has failed to execute, ALMOST HALVING REVENUES during a technology bull market!
Corporate Governance doesn't exist for shareholders of BlackBerry. Why?
The BoD rented it out and cannot afford the $144.8M to take it back and for this shareholdes must wait until November 2023. So far, there appears to be zero warm bodies being prepared to take the reigns of BlackBerry, so not only will Gone When exit in 23 months but there doesn't appear to be a leader capable to lead.
The BoD apparent lack of leadership and corporate governance has cost shareholders dearly with the trend indicating nothing will change until Gone When has stepped down from his throne and failing reign as King.
These financials tell the tale of Gone When's failure to execute on plan and also show his appetite to consume BlackBerry resources to rid his poor hires.
Financial Reports