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Fresh Del Monte Produce Inc. Message Board

  • pdnnyc pdnnyc May 4, 2006 12:23 PM Flag

    Michael Bertholet

    Our new director is non-executive Chairman of TransTechnology Corp. He has been Chairman and/or CEO since 1992 it appears. TTC was a NYSE traded stock but now it is traded OTC. In the last 10 years the stock has lost over 50% of its value and it stopped paying dividends in 2000. It would seem that under Mr. Bertholet's stewardship TTC went on a debt-financed acquistion binge and it all came crumbling down when hard times hit in 2000 and 2001 and the company had to write down its assets and get an equity infusion from a private institutional investor. In 2003, TTC got back to profitability and he managed to extract over 9% of the $9 MM net income for himself in salary and bonus. So while he seems to have a long track record of corporate experience, his actual track record is nothing to be desired and not very encouraging for FDP shareholders.

    Oh, and he's been in court three times fighting his wife over their divorce settlement. He makes over $500K and the court originally specified him to give her $72K to live on, and they've been battling it out.

    Seems like a real swell chap.

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