Janet Collins
Billy MNothing but coal in Fletcher's stocking.
December 12th 2006 07:30
The Coles Group entity. A very pretty logo.
CEO of Coles Group LTD, John Fletcher, awoke one morning to find that his company's little moral issue had suddenly become a full-blown morale issue. When Coles Supermarkets (a sister company of Coles Group) CEO Peter Scott was found to be the family of its primary meat supplier, questions were asked and the heat came to town. When the financial figures found that the entire company was underperforming, Fletcher was beyond the facade of bravado - he was scared.
It's been a month of close calls for an organisation which has already fended off a $18.8 million takeover bid by U.S. company Kohlberg Kravis and Roberts, and conducted an investigation into the scandal that resulted in Peter Scott's dismissal. Should Fletcher run into any more misfortune, KKR is ready to pounce. Moreover, with today's active and multi-skilled workers, the staff won't stick around to watch the ship sink. The CEO should look at his stocking and have a think. Santa knows you've been naughty, John.
2,500 jobs will soon be made redundant to loosen up cash for larger executive paycheques. The move will mean that a lot of people will be out of jobs and out of a way to pay their mortgages. It is expected to free up 300 million that will then be used to substantiate this headline: "Coles throws cash at morale crisis". The real issue isn't what Fletcher won't be getting for Christmas, it's the sudden unemployment of an aging workforce with families and debt.
Meanwhile, some executives have allegedly already recieved a 40% increase in salary just to remain with the company until 2008. Others can expect bonuses to the tune of 50% of their current pay packet as a work incestive. All executives will be able to play roulette with their cash inflow, slamming 50 large on the table at $5 odds if the company reaches its ambitious target of $1 million profit by 2008.
If this isn't corporate mischief, I don't know what is.
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Comment by Mrs M
Mum's Word
Love & stuff
Mrs M
Comment by KylieW
Celebrity Obsession
Comment by Always Eighteen
Always Eighteen
Comment by AnthonyB
I think a lot of companies are very similar though. The way people in fast food get paid and treated is shocking.
This is corporate politics. Terrible though. I've served some of the people who may get fired. The complete despair in their eyes is really sobering. Makes you realise how badly people are affected.
Thanks for posting all !
Comment by Nina
Comment by AnthonyB
Hope it all works out though. Thanks for posting !!