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Gardner Denver Inc. Message Board

  • gekko_style_raider gekko_style_raider Jul 16, 2012 1:28 PM Flag

    Trainwreck - Analyst Report,pt 1

    Where We Stand This Morning

    With the unexpected announcement today of the exit of CEO Barry Pennypacker, investors will not respond well. Needless to say, I did not expect this move to occur, but let me say in this report second line that I would participate in buying, not selling.
    Not to indulge in Monday morning quarterbacking, I have repeated frequently as the Gardner Denver story unfolded, “Barry’s greatest strength is his passion, because he is capable of leading transformatory processes. Barry’s greatest weakness is also his passion, because he is not an easy guy to work for.” Drive and vision are both two-edged swords.
    Maybe I drank the Kool-Aid when I described the sequential reasons why any number of senior leaders at Gardner Denver departed: a CFO who had to take over a family-owned private company when her father became incapacitated; a mentee who opted to spread his wings at another company, out from under the wings of his mentor; a head of Industrial who opted, quite properly, to depart after a short stint to care for his wife, who became suddenly ill; and a seasoned head of Oil and Gas who calculated that he and his wife had enough money to “live until we are both 90.” Fortunately, the latter executive has agreed to return to Gardner Denver.
    Where I did not have visibility was in the middle ranks of the company, where managers outside of public view were dissatisfied. The simultaneous loss last week of two senior leaders in the Thomas Division may have been the straw that broke the camel’s back.