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Magnetek, Inc. Message Board

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  • magconcerned magconcerned Aug 17, 2003 9:17 PM Flag

    mag may over come

    Unfortunately, the company won't "overcome." Even if the BOD would wake up and smell the roses (re: change out the CEO), operating management is too weak. Once the year-end results are public, someone ask Galef on the year-end conference call when will be the next quarter of profitable operations. Would surmise that it won't be September, nor December, nor ...........

    How many consecutive quarters will the Board allow such to occur? So much as to their sense of fiduciary responsibility.

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    • Tend to agree. The Board of Directors exhibit no sense of fiduciary responsibility. Why would any board continue with a 70+ year old chairman with a string of consecutive quarterly losses and no sign of improvement. In Japan, wouldn't they be required to commit
      harakiri? In their case perhaps the inability to spell it eliminates their need to do the honorable thing.

 
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