I’ve had a little bit to do with a few of the Fronde blog rats (not rats in a derogatory term – one of endearment only!)
I know very little however about the business itself. A recent comment on Jim’s blog from “angry shareholder” begs some questions. The comment went;
Good god man!! No wonder you’re leaving. Look at the result. The buck has to stop with you.
You couldn’t run bath, let alone a company!!!
I hope “things you want to do” doesn’t involve some other poor company.
Obviously it’s a way to extreme comment but it is in reaction to Fronde’s announced loss of $2.87 million on flat operating revenue of $16.9 million. Revenue was almost identical the previous financial year when the company recorded a profit of $647,000.
Jim responded exceptionally well (considering he’s left Fronde) by saying;
I absolutely understand your anger – I’m a shareholder myself. It happened on my watch and I’m responsible. We went for growth and we didn’t get it. But I think we reacted quickly when it became apparent, and the recovery plan we put in place is already delivering a significant improvement. However, that won’t make the first half figures any more acceptable.
Now I’m sure that Jim’s leaving Fronde has nothing to do with the lack of results – he’s helped put in place a plan to restructure, reduce costs and return to profitability next year. But it does however show the scrutiny that being captian of a publicly listed company brings to an individual.
Have a well earned break Jim!