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CEO departure

lse:gle

#1

Not much comment on this Company.

The markets do not seem to like the announcement of the CEO’s sudden departure.

“Following extensive discussions with Mr Harrison regarding his remuneration and succession planning, the Board concluded that it was not possible to find a mutually acceptable basis for Mr Harrison to continue as Chief Executive Officer”.

It would appear that the Company are unprepared to pay what was being asked, and Mr Harrison went off in a huff. It is to be hoped that GLE can show that they can prosper without excessive Director remuneration, and that they can find a less expensive replacement.


#2

LSE:GLE
@Bowman

Very quiet board indeed. Sorry for the delay in responding. The old iii site before this ‘new’ discussion platform I found much easier to follow up on comments but that’s progress I guess.

I’m glad to hear that, finally, at last, the NEDs on a Remuneration Committee somewhere have stood up to a CEO and said no - normally they just roll-over. Not knocking this company’s performance but how much was down to the CEO?

MJ Gleeson have had this same plan of what they were going to do and how they were going to do it for a very long time, before Mr Harrison arrived. There have been times when they were strongly criticised for sticking to that plan, not ‘embracing’ other opportunities but stick to it they have and I love it… I don’t want them to diversify, I can do that myself by rebalancing my portfolio much easier/cheaper/quicker; stick to what you are good at and investors like me will come!

So the ex-CEO wants to go back to running his own development business where he can make more money for himself? Good luck to him. If he is that good he will succeed… profit using his own capital and risk, not mine.

The new boss, it’s not broken, don’t change it.

Regards,
ITDYA, still loving the fact that they stick to what they are good at.