And I hope that they clean the stables and get rid of all the sycophants that Hector surrounded himself with. (Perhaps, get back one of the VPs that Hector got rid off - such as Jay Finch to clean up the mess).
Time for a fresh, new beginning and new hope for FOE employees and shareholders.
Despite the unfortunate death of Ortino, the stocks performance today speeks volumes. Normally, with the passing of a Sr. Leadership person unexpectedly, stocks drop due to the uncertainties.
Today we find that in the face of tremendous uncertainty, the stock has increased on large volume. Is the market saying that anything is better at this point in time?
I met with and worked with Werner and Hector. One had cold water in his veins and the other had ice water;however, Werner had the requisite background to run a industrial company.
Dont cry over Werner. He got a great package. As I recollect he made hundreds of thousands of dollars from Ferro even after he was let go. Golfing at Sharon country club and counting your money is not a bad way to go.
Bemoan smart dedicated long term employees like Pat C. who was let go for being honest and he could have added tremendous value for the company for years (he would still be adding value).
Hector R. Ortino was a loving husband, a great father and a wonderful friend to those who had the opportunity to know him on a personal level.
The messages posted while Hector was alive were fair game, and were considered freedom of speech. However, to be so cold and callous as to attack a man who has passed away shows who really has ice in their veins.
Each of you have unlimited opinions about running a major corporation, and it�s ironic since none of you have ever had the �Chairman� title under your name. Clearly your opinions have failed to have an influential effect in the business world since no company, including Ferro, ever felt you worthy of such a title. Truth be told, most of you are not man enough to take on the challenges, responsibilities and pressures of such a role. It takes a man, like my father, to step up to the plate, to take on each problem head on, and to accept both the positives and negatives that come with such a position.
It is never easy at the top, but clearly from your bitter responses, it has not been easy for you all at the bottom. When a man cannot succeed on his own merits, he must degrade and criticize those who had achieved far more. It is evident that none of you are gainfully employed since you have spent your days on a message board seeing who can write the cruelest message.
For those of you have shown great joy in the passing of my father, I take pleasure in letting you know that there will be a warm welcome for you when your time comes. At the moment when you are to pass, I hope you realize that your children will never be as proud of you as I am of my father. My father was a role model and mentor to so many, and only those secure in themselves were able to get past Hector�s tough exterior and learn from him. Only the weak continue to dwell on things of the past.
In response to specific comments, let me set the record straight. My father did not die of cancer. He was not replaced by Jim Kirsch because they expected his impending death. Jim Kirsch was hired by Ferro as part of succession plan in preparation for my father�s retirement after decades of hard work.
My father died from giving his all to a corporation that he loved. He put his heart and soul into everything he did for Ferro. The decisions were not always easy or popular, but they had to be made. And to the coward who said that criticism finally killed my father, I hope you are smart enough to understand the power of your words, and if it were true that criticism kills, you would no longer be with us. There is no difference in what you all do on this message board, and what you claim my father did, EXCEPT my father was courageous enough to sign his name to every statement and decision he made.
My father will be buried this week and we are asking for some respect, not just for him, but for us, and that that each of you consider carefully what you write in response to this message. At the end of the day, look in the mirror and ask yourself what kind of person is happy when another dies?
We are signing our names because we stand behind our words. We believe in everything we have written and are confident that we can speak in a civilized manner to anyone who would like to debate any of the issues you so freely write about. If you are not the cowards you appear to be, sign your real name and we�ll be in touch.
Gabriela and Beatriz Ortino
I met your father at a management dinner at the Four Seasons Hotel in Carlsbad, CA, some 4 years ago. He was very cordial, friendly, and a prince of a guy to us lower management people. I certainly respected him!
Dear Gabriela, please understand that this message board is full of a lot of people who have had a close association with Ferro. I don't think anyone on the message board ever wanted to wish your father ill health. I am also sure that he was a wonderful man to his family and we all know he was a dedicated Ferro employee.
This message board acts as a sounding board for those who live in that corporate world. Many of the people that write these messages have had past associations with your father. You are also right in saying that most of them will never have had to make the decision your father had to make. Whether you want to believe it or not your father was a very difficult man to work with. If anyone disagreed with him, whether they were right or wrong they were going to be punished. Thus, the people that had idea where beaten down and only the yes men survived. The stock suffered because on non growth and people who are visiting here typically have a vested interest. While he got fat on big bonuses the people who worked for him and the investors saw very small gains.
Again, We are sorry for his passing but not for his leaving Ferro. The market obviously agrees.
I want to add my positive response to your remarks, some of which I tried to express in my original remarks under "In Fairness". I too don't ever question that Hector was undoubtedly a great and loving invididual in his personal life. IMO, it would be difficult for anyone's immediate family members (including my own) to understand that a person's corporate personna can be entirely different -- the opposite even -- from their personal life. Please accept sincere condolences on your personal loss. It is unusual for corporate and personal matters to become thusly mixed on a financial commentary board, which is unfortunate, but it is what it is.
So what are the first 5 things that Mr Kirsh has to do to right the ship. Scrap the matrix management system and make business managers responsible for the business. Push new technology. Expand where the markets are moving to. Cut unprofitable businesses or at the very least change the upper management.
I believe he needs to put a new face on Ferro and mold it into a the most responsive speciality chemical company in the sector. He needs a clear vision of what Ferro needs to be and move forward with great speed.
To the Ortino family, my deepest sympathy. I worked for Hector and he was tough but gave me opportunities that I would never have had elsewhere.
This website is truly about financial issues and those of you who denigrate this man after his death should be ashamed.
The board could have chosen Bush but didn't for a variety of reasons. Mostly, I believe, because they were tired of the slow pace of change and business as usual in the major divisions, Frit, Color, Vedoc and Chemicals. Those divisions were filled with incompetent GM's and managers who were stuck in 1960-1970 business practices. Most of the long termers in coatings and chemicals were a joke. Many of them are still there or recently retired and prayed every day that they wouldn't get the ax because they were unemployable in the outside world. If you look at all the long timers who left Frit, Vedoc, Color or chemicals in the 1990's-2000 not one of them landed in an equal role. Also, those managers who thought that some SAP training was a ticket to riches got a rude awakening when they sent resumes out or got interviews. The good old boys at Ferro were 20 years behind the times!
Hector was a very good CFO. He made the divisions look at things like inventory and cash flow.
The data center, which was under Hector's rule, had far better people in it. In fact, I know through my contacts that all of the business analysts, business managers and other younger color-coatings and chemical managers are quite successfull and far surpassed the losers they left behind.
Hector did not trust anyone and that is the shame of it. He needed to go below the people on his staff who were basically good managers and get to the GM's and middle managers who clogged up the pipeline and forced the younger managers to get fed up and leave. The real downfall of Ferro is the lack of innovation and technology management due to division management incompetence. Implementing SAP with people who have no real technology or supply chain training is lipsticking a pig!
Let's hope that the new CEO sees that the failure to weed out the "hanger oner's" is just as important as a new board. I spent a lot of years at Ferro as an employee and consultant and want this company back on track!
I said God Bless your father and I meant it. I would also like to wish the very best to all the employees and retirees and anyone who is depending on the pension when they retire.
There are black and white statements out here that are simply not true. I think the people posting are gainfully employed and some might even be C level executives.
I would vanquish the language of top and bottom employees at Ferro. It is that type of classification and disdain that became hallmarks of the last 10 years at the company.
Gabriel, maybe you are not aware that often people who posted on this site were terminated simply for posting and one must agree that opposing your father in public whether your opinion was right or wrong was career suicide.
I have kept in touch with many ex employees and they are doing just fine, thank you. They are making more money and working in very functional organizations.
I hope the best for this company that I am still proud to have on my resume and I wish for a joyful and long life for the family of Mr. Ortino and all those associated with company.
Merry Christmas and have a happy New Year.
This company on track is a 35 dollar stock like it used to be. Buy now sell later.