For me...In order to see him as a good choice over what I think Ben would have been if he stayed on....I need to see MORE than the 500M Euro remaining in cuts this year. Otherwise..why have gotten rid of Ben ?
I would also need to see MORE than a 500M EXTENSION to this plan into next year. In other words..when this 500M runs out this year..we start another 500M for next year. Why do i feel this way? Because again..i think that Ben would have done that himself. A couple of things could really impress me with Michel.
First...this years cuts be extended NOW into 700M or so. To be completed by December.
I think that would drive home the sense of urgency that many investors feel and that rightfully is present at this point.
OR....if he does keep it at 500M for this year..to see next year extended BEYOND 500M would also impress me and feel that he is making his individual mark on the company and not just a clone of what we had.
I would allow for this because i do recognize that it WOULD take another 5k + job cuts to make that happen and when dealing with politics and the unions that can't always happen right away.
Which brings me to that point. Another 5 to 7k people have got to go. On top of the 5k +. If they are going to right this ship..that must be done. And i will be listening to hear that as well.
IF i hear that..then i will feel supportive of another initiative to raise more money whether it be by a rights issue or perhaps selling another asset like Submarine. The days of selling things though to support a bloated organization that REFUSES to right size their operations has got to end here and now. And i'll be listening for that as well.
I'll close by saying this. Michel has ALREADY SAID this is a multi year thing. And so i'm leaning more towards hearing about an EXTENSION of Bens plan versus an increase this year. Again though.i'd love to be wrong on that and it would impress me if he did.
ALU has been burning approximately $18,000 dollars a minute, minute in and minute out, day in and day out, week in and week out, year in and year out for over six years. With that kind of cash burn I want Michel's plan to spell out EXACTLY what will be done to stop it and EXACTLY when it will be done!
Also, for the multi-specialized businesses the company retains to spell out EXACTLY why and EXACTLY how ALU is going to garner high margin revenues from those businesses "Ahead Of The Crowd". ..........Tickerguy