Easy being an arm chair quarterback. I occasionally read Yahoo message boards for entertainment purposes as most of the posts are made by disgruntled ex-employees that were fired for some reason or another and have no investment value whatsoever. Maybe you and all of the other smart guys that like to sit back, belly ache and second guess what guys that are actually in the game trying to improve businesses should send the guy from Cerberus your résumés. He might need something to wipe his ars with. If you're not willing to put yourself out there to try to have a positive impact on a company and its employees then you should crawl back to the anonymity of your pc where it is easy to criticize those that have. I'm sure it won't take long for you losers to jump all over the new person.
Nice sentiments but how can you defend the record? The last 5 years have been a colossal failure. Bleeding money, enormous debt, loss of market share, poor personnel decisions, surrounded by "yes-men", allowed top tier talent to leave & go work for the competition and consequently get throttled by them. This organization needs a major overhaul. The model just isn't working. The useless & redundant layers of excess management should be the first cut. How many VP, GM, Director, Sales/Business Manager position's can you justify when you're getting crushed everyday? Good luck to the new guy - bring your machete.
Celebrate, certainly not defending the performance, just stating it is easy to second guess and boldly criticize from the anonymity of a pc, especially if the poster hasn't faced the type and scope of decisions that have had to be made in the industry over the past 6 years. You make very valid points that could be made about many companies in the space. I am not in the know about the specifics with BL management as I don't currently, and have never worked for GP or BL. I empathize with the management team because I work in the industry and I know the general challenges that every management team has faced since 2006. You seem to know a lot about BL. I was looking at their Q1 investor presentation and they really tout their growth of specialty products, but their margins in specialty products are only around 14%. Do you know what specifically they classify as specialty? I think of specialty products more of general building products such as connectors, fasteners, composite decking, weatherization, etc., and at the wholesale level those should fetch 20+%. Why are their margins so low on specialty products? Also, they really play up their centralized structure as a strength. I agree that there are aspects of the business that should be centralized, but isn't it primarily a local business on a market-by-market basis? Do have any idea of the level of autonomy at the branch level? Do they have local P&L managers or are the decisions made at corporate and the branches are there to perform the logistical aspects of distribution? Sorry for all the questions, but you appear to be only person that I have seen post that raises valid business issues v. all the typical uninformed bologna.
I was a long term employee of GP/BXC and haven't worked there for years or followed all the message board "stuff" in a long time. Someone told me that George "hung it up" the other day so decided for entertainment value I'd see what the message board was saying about the event. WOW...there is so little being said that I didn't realize BXC was such a non-event these days. What was once the greatest and biggest Distributor of Building Products in the entire country has shrunk to a "also run". Very sad that Pete and the boys kicked this once vibrant business to the curb, got McKenzie involved, put incompetent leaders in positions they had no business filling and a once $5 BILLION dollar dominant distributor has evolved to where the CEO resigns and no one even notices or cares. WOW, what a decade give or take can do in today's business world. George, I wish you the best but you being gone may give this horse one more chance to race again. For the few people that have stuck with it, I hope it does!
Big ups to gj. Who but an industry veteran could have put this company on his back an lead it to where it is today? Yes bxc could be doing better, but it also could be a lot worse! Even the bloated steve m. With all of his ivy league degrees and harvard buddies, ran when the going got tough. Be careful what you ask for. As for me, i will take a guy who made his way through the ranks with one company and had the fortitude to stick it out during the "great recession". Pimpin plywood aint easy, but it sure is fun!!
Time for a drug screening. Lead it to the brink of bankruptcy maybe? They're taking a beating! I believe Steve M. departed because they wouldn't pay what he demanded. Last I checked Enpro's stock was trading around $50/share. I think he made the right choice. Give me the ivy league degrees all day long.