Yes he is making changes.About time. Vice Presidents are getting let go today, Some of their directors tomorrow and then another 100-200 people next week. Right before thanksgiving. All departments will be effective including Finance (from what I was told) as all department heads are told to get rid of a percentage of their staff. It is a shame for the people. However this should have been done 2 years ago.
I just heard there will be more cuttings for other part of organization. All presidents for each business unit were forced either to take package or take another position (demotion) within Acco. I assume all of them will leave the company. All product managemnt, channel (marketing) will also get impacted as well. It looks like an overall re-org. to me. Good luck to all.
You miss the point, spin-off or close those divsions that represent non-core assets.Maybe generate some cash,generally about 20%-30% of your products or services generate 70%-80% of the benefit. The transition may take 24 months but the company will be leaner, faster and more fleixible in the future. The issue with ACCO or GBC was always their inability to execute they knew "what" to do but couldn't get the "how" right.
There are definitly companies out there running better than Acco. I just don't agree with you about dramatically reducing company size to $500 million from $1.8 billion. We can't go in and tell our customers we no longer offer 7 out of 10 products because they are not profitable. The old Ford model T mentality just doesn't work today (you can order any color on model T as long as it is black).
the goal of a CEO is to build sustained value, not to carpetbag the business and to leave little future value for the share holders. Martin didnt boost the share price it was $11 when he arrived at GBC and was $13 before the merger.The value was in the combined businesses he had nothing to do with that. A $500 million company with an EBITDA of $75 million at a 6 time multiple has higher value than a $1.8 billion company with $50 million in EBITDA at a 6 multiple it also has a higher EPS.Do the math @ $3 a share this is almost a penny stock in addtion they should throw-out the board memerbs who have been around for more than 5 years.
By the way, Do you think a CEO will get the same pay by reducing from a 1.8 billion dollars company to a 500 million dollars company? I don't think so. This is not a tech company. I serious doubt the board will allow him to do that.
Let's be real. Everyone is for themselves. It is all about greed. CEO's job is to boost the stock price of the company(shareholder's value). The employess are always left out and at bottom of list. They are just the tools for the company. They worked and they get paid. Dennis Martin cleaned up GBC, boosted up stock price when he sold GBC to ACCO (we called it merger). He did his job to boost the stock price as a CEO. I am hoping Mr. Bob Keller does something similar.
You must be kidding, Dennis Martin what a loser. that's how this whole sad deal got put together. The emloyees are left holding the bag. All the board, large share holders and former exec's cashed out. The key was to down size the company to $500 miilion or so get branded product then compete into higher margin niche businesses while exiting non core market segmnets. This will require action, cut staff, close factories and take write downs against inventroy etc. The business is too complex.
Just received a letter internally from Mr. Bob Keller. He announced all business units has been dissolved. There is only Acco Brands America and Acco Brands International. So I expect further consolidations through out the organization later on. I am sure Mr. Bob Keller knows he does not have 3 years. But I believe he is heading to right direction. Good luck to all.