Friday 13 September 2013

Trader Comments On CEO Selection

The following comment was received this week and like 99% of comments we are happy to print the content. Whilst we share the frustration that is at the core of this comment, and commend the passion clearly evidenced in the sentiments expressed, we feel that there are some inaccuracies that need to be addressed.

COMMENT: 10/09/2013 13:27:11 Management/Board Of Directors "AS most would know by now the Queen Victoria Market is looking for a new CEO.What worries me is that the same board that has been in place for a while, the same ones that have allowed the market to deteriorate to the state that it is in now, the ones that have allowed management both current and previous ones to run amok, are responsible for electing another CEO. In most corporations shareholders have a say and more importantly share prices play an important role in decisions. The traders at the QVM, being the asset of the business,which the Lord Mayor and many others keep drumming into us, have never had an influence in who is to run the market. IS IT TIME TO CHANGE THIS..Possibly we need an extraordinary public meeting to discuss."  

So let us take out some emotion out of what is often a very emotive conversation and list some cold hard facts and statistics about the current board. We feel this is in the spirit of giving everyone a "fair go".

There are 8 Directors on the QVM Board. The comment suggests that the same Board has been in place for a while. In fact this is a new Board. The Chairman, Paul Guerra, was appointed in November 2011, and 4 new members (Jane Fenton, Yvonne Von Hartel, David Mann, and Paul Sheahan) were appointed as recently as July 2012.

With regard to who has a say in the appointment of a CEO, your editor is no expert on corporate history, but it seems unlikely that shareholders get to choose the CEO. Sure, shareholders with a seat on the Board can influence selection and a number of corporations allow shareholders to comment on the CEO’s pay.

In the case of QVM, your Trader Representatives did get the opportunity to voice their views to The Chairman on the sorts of qualities that they felt were desirable in a CEO running one of the world’s premier markets. We felt that excellence in many areas was important and that core retail experience was certainly in the mix. It remains to be seen whether the best applicant has that experience.

We hope the poster of this comment doesn’t feel we have been too critical of his/her rational. We encourage speaking out and would like to know what you think.