Surely you understand my jest on "the good" he did. I speak from experience- the reason O&G drove the bad projects was because O&G was handed a governance model that didn't work. The executives are responsible for governance, so the poor results are the direct failure of the executives. They like to blame it on the business units, but unless they set the stage with the correct governance, and when they also meddle in operations management, they are directly responsible for the results.
More incompetence coming our way.............maybe its good that they had to give away 16% of the entire company for FREE under McNabb just to get a loan to stay in business. Maybe the lender will slap some cents into this group of inbreds...........
It has all been a lie, and the CFO is without question a complete buffoon. And we are paying him $1.5 million per year? Incredible!
I don’t see what “good” McNabb did. The results speak for themselves. Last year it was only two projects that really ruined the company’s results – driven by Oil & Gas. This year is the direct result of an inept Board and poor management.
BUT, McNabb in his pea brain had to save face by proclaiming he personally turned the company around. The diminished TSR, continued losses, little backlog and market headwinds are the tip of the iceberg. Yes, the balance sheet is better but, I don’t care how competent the new CEO is, he has been set up for failure.
Those of us outside WG have no idea who is on the executive team. I’m sure it is the company’s officers and on this team and if so, the CFO definitely needs to leave – he should have been fired for cause.
I can’t help but laugh that they made Miller Williams the new Chairman of the Board. That moron has been in charge of the audit committee for years. It’s no secret that he failed at his post.
If the Board was smart, they would sell the company. But, they have proven over the years how stupid they are.
I predict stock price increases tomorrow purely on the fact that McNabb is exiting. Didn't he first say he was brought into the company to show leadership? He belongs in a glue factory but I don't think they accept jacka$$e$.
The Mensa Members on the 9th Floor have severed every viable (profitable) limb of the WG Body in a vein attempt to save their emasculated soulless body. There remains nothing to be optimistic about. Third Quarter results speak to their systemic inability to execute operationally and/or enlist work profitably. All that substantially remains within WG are the viruses that caused this walking fatality in the first place. Backlog will continue to diminish, any doer who has options is certain to leave and, even though debt has been reduced thru divestiture, they'll still be a $100 million shy of being zero. WG is and will continue to be a less than zero sum game. Buyer beware. Seller be quick. Scraps go to the yard dogs.
Sentiment: Strong Sell
Actually, the entire executive leadership team is set to turn over near term. One member of the ELT stepped down Tuesday, and three others are scheduled to retire very soon. The only existing ELT member that will be left is Mike Fournier, and I predict they will make him CEO after a few more stage appearances. I echo McNabb may announce his departure, he has done all the good he can do. Nothing left to slash and burn. It's hard work from here on out, and he isn't used to that. He stated at the last annual meeting he would be leaving by the next annual meeting anyway, hell we're almost there. It's a foregone conclusion.
As I said before, it's Okie, and McNabb isn't an Okie, he's from WVa. BTW, what does where one comes from and color have to do with anything? That in of itself says nothing about character, intelligence or common sense. I make no such generalist statements. I make statements about the individual. McNabb is ethically challenged, not ethnically challenged.
The CFO did a fabulous job of misleading investors with false projections. If the SEC was actually committed to doing their job members of the WG BOD would be out on bail and looking at Enron type jail time.
Look back, read everything, it was all a LIE. They knew way in advance that the so-called projects that management just sort of lost track of were failing and non-profitable.
It was all a LIE. Anyone with half a brain knows that. The BOD is a group of white oakie good old boyz that do nothing, and never produce profits. Anything they say cannot be trusted, they are deliberate liars, and the CFO and the past and current CEO belong in jail.
Third quarter losses come out Friday. My bet is the worst CEO in history, John Mcnabb, III, the biggest idiot ever, will resign. Of course, he left WG is shambles and in a precarious position; but he will claim to have saved the company by fixing the balance sheet. I’m sure the BOD probably forced him out!
I predict a short term increase in the stock price until investors realize that the upside potential is limited. Now is the time for a management overhaul – start with replacing the inept BOD, CFO, etc. WG is cheaper to rent than it is to own.
Start with CFO and his $1 million plus pay package. He mislead investors with his completely incorrect statements about the company's earning potential, ability to pay down debt, and his absolute gross incompetence of overseeing the operation itself.
The entire BOD is a group of middle aged incompetent white yes men just happy to be bringing in outrageous pay packages as they are, or approach being senior citizens.
WG is a complete jerk-off company......................
what is left? Should the CEO get booted along with the existing BOD for their blatant incompetence in almost sending this company to its doom?