QWC's Nosworthy gets temporary promotion at Babcock & Brown ...
Does Ms Nosworthy have any time to run things at the QWC?
Fresh on the heels of the insolvency of Commander Communications which she road into the ground as Chairperson, she now takes over as temporary Chairperson - elevated from Deputy Chairperson - of one of the credit crunch basket cases - Babcock & Brown - which has lost 87% of its market value this year.
See - Nosworthy at the helm of another basket case.
Also see - Unsecured creditors likely to get zip from Commander.
posted by Concerned Ratepayer at 7:33 AM
2 Comments:
SMH:
Babcock shares plummet 35.7%
August 21, 2008
Babcock & Brown Ltd (B&B) will sack a quarter of its 1,600 staff and slash its debt after reporting a 30 per cent fall in interim profit and confirming the departure of its chairman and chief executive.
In a bid to regain shattered investor confidence, the investment bank said it would dump its debt-fuelled business model and attempt to end a culture that encouraged executives to pursue fast deals for big bucks.
The group's shares tumbled another 35.65 per cent, or $1.23 to $2.22 as it also announced it would suspend dividend payments until the 2009 first half. The shares are now down 94 per cent from November.
Executive chairman Phil Babcock, who helped found the company 41 years ago, has stood aside for his deputy Elizabeth Nosworthy.
...
8:57 PM, August 21, 2008
cont.
Ms Nosworthy rejected accusations that the company's board and executive still had too many familiar faces.
She said the group was looking to appoint extra independent directors, but added its business relied on its people and the relationships they'd formed.
"You can't throw all of that out overnight without seriously damaging the business," she said.
Regaining investor confidence was "a matter of trust" and would "take time", Ms Nosworthy said.
"We can't win it back overnight but we have to make a start and we have to deliver consistently on what we say," she said.
9:03 PM, August 21, 2008
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