Closed ChapterWell, I think I've finished writing about CUB's past life. All of what I wrote about for over a year in advance came to fruition in the last 2 months. They may make it through but as a final paragraph to my book, most of the people (I say most because there are a couple of new faces this year) that got CUB to this position, are the same ones that are going to fix it all. Again I ask, where were they when the ship was clearly sinking? it was a long slow sinking, it wasn't out of left field. I was writing about it for well over a year. From my view, it appears as though the new CFO is most likely the one that sparked all of this change. He started June 27 and it wasn't long after the downsizing began after Q2 fins were released. It seems apparent that he saw some big problems once he saw the numbers and was likely forced to confront it. Good on him if this is accurate.
I will never understand Canadian business. Are Canadians too so afraid of confrontation to say we want a completely new slate? I've seen this over and over with publicly traded co's. The common business mantra indicates they hire the "best" have the best boards and management then many have to re-structure and re-capitalize and some even become insolvent even after these occurences. That does not indicate good board oversight or management and the slate should be wiped clean before any re-structuring commences. 100% new people all around. Yet, these same "high level" management and boards continue to obtain these positions with various different entities.
The same goes for politicians. Most are societal rejects but yet, even when they are fired by voters and have committed publicly known offences in regards to corruption, they still end up somewhere else in politics. Not only that, people gleefully cheer and clap when the see these same corrupt regurgitated politicians at an event of some kind. I have also seen this firsthand in person. I've even asked cohorts that I was with why they are clapping and cheering when these people were clearly corrupt.
I have also seen many "executives" that were directly responsible for all business operations in various companies over the years that drove companies in to insolvency. I have then witnessed these same people end up with board, CEO, and VP roles elsewhere. Amazing. /rant
I will continue to follow CUB with interest and will write about new chapters in a new book if suitable. Good or bad. If there are glimmers of hope I may throw some dollars at it someday but only when I feel confident of viability and that they are on firm ground. Could be awhile.