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SPX Corporation Message Board

  • toddchambers13 toddchambers13 Oct 8, 2011 11:57 PM Flag

    Run by bozo's

    I used to work at SPX and will tell you something, this company is run by a bunch of bozo's with very little clue on how to run a company. The problem starts with the fact that its run not by operations people, but accountants and finance people with absolutely zero experience running a real company. Imagine, a bunch of auditors are running manufacturing businesses. It makes zero sense. Last I heard, the company does not have a COO nor any one with those types of credentials in executive meetings.

    This point is further supported by the fact that none of their businesses grow organically at all. In fact, most of their businesses wither every year and lose market share. Their growth strategy is one of acquisition and continually repurchasing shares. That's pretty much it. Sometimes they get lucky and have a company in hot sectors, but that's pretty much the extent of any organic growth.

    Adding to their issues is the fact the executives are self-serving. Between two corporate jets that they own (sometimes used to take them to Notre Dame games), million dollar get away "strategy sessions" where spouses are invited, and an executive bonus program that is graded entirely differently from the employees (execs basically are guaranteed bonuses, while employees seldom get them), those in charge make sure they are taken care of before anyone else.

    I don't follow the stock price closely, but would say I think the stock performance speaks for itself. With more than $1 billion of acquisitions over the last few years, revenue is flat, margins are declining, and the balance sheet is worsening. The company is worth less than half of its value of a few years ago and its no surprise. This company is run by a bunch of bozos and someone should get rid of the management team.

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