Goodbye Mr Chairman.

Celgar · Post by **Celgar** » 19 Sep 2018, 18:05

Peter Long has just taken the honourable choice and resigned as chairman. An existing board member has taken his place so we probably won't see much change. We just need Miss Ni Chionna and Rico Black to step down now then we can move on as a business.

worktotime · Post by **worktotime** » 19 Sep 2018, 18:16

Celgar wrote:Peter Long has just taken the honourable choice and resigned as chairman. An existing board member has taken his place so we probably won't see much change. We just need Miss Ni Chionna and Rico Black to step down now then we can move on as a business.

who are they ? and what do they do ?

Celgar · Post by **Celgar** » 19 Sep 2018, 22:47

Peter Long has been the chairman of RM for a number of years. He wanted Rico Black to be the next CEO of RM and has made it happen. There is currently a problem within corporations where some people have multiple directorships and have been seen to be not doing a very good job. There have been a number of shareholder revolts at AGMs the most recent of which was at the RM AGM. RMs response was notable in that they refuse to do anything about the problems whereas at other companies AGMs action has been taken. Pressure has no doubt been building and Mr Long has taken the fall.
Miss Ni Chionna, another director in RM, was involved in setting directors remuneration ie their pay and bonuses. As a result directors got paid a lot when it probably wasn't justified and a nice moving fee of six million quid was paid to Rico Black for him to move departments within RM.
So we are now waiting for Miss Ni Chionna & Rico Black to make announcements.