Pot, Kettle, Weldon
Cute as a button Mark Weldon appears to have won the hearts and minds of the fellow VRWC members Whaleoil and Busted Blonde but I remain unconvinced that he's anything other than a good-looking bimbo show pony. Weldon just sends my bullshit radar into hyperdrive every time he sends out a press release.
Do as I say not as I do.
Then I needed no more convincing.
Weldon is to Chair the "Jobs Summit".
Today he announced in an attempt to appear moderate and pander to Unions and workers contributing to this wankfest that underperforming CEO's should be sacked.
Because if Weldon's performance as CEO of the NZX is judged by volume, trades and returns in 2008 (50% drop in value of NZX shares since 2007 and a failure to meet almost every strategic goal in 2008) then he'd be one of the first to go!
And we haven't forgotten his cheeky little bid for what many New Zealanders considered outrageous, a share option package worth potentially $10 million.
I don't have any issue with what Weldon is earning, how he is performing and have no comment on whether he should be sacked for lack of performance. This is left to those who have a financial stake in judging his performance and for him to put his usual grease on it so his speedo cap spins out of the washing machine faster than the drop of the NZ dollar.
Perhaps though Weldon should extend this courtesy to other CEO's suffering from the same often uncontrollably bad performances brought on by a shit of a year and more of a shit of a year to come, and desist from making publicly provocative comments pandering to the unwashed masses in a time when more and more companies will be underperforming, shutting down and crippled for no other reason than a worldwide financial slowdown and then halt due to the fact New Zealand's trade partners can no longer afford what we export to them.
This Jobs Summit may in fact be nothing more than Weldon's long, cold trek to plead with John Key to give him a new one in New Zealand's only growth industry currently (still) - the public sector.
Do as I say not as I do.Then I needed no more convincing.
Weldon is to Chair the "Jobs Summit".
Today he announced in an attempt to appear moderate and pander to Unions and workers contributing to this wankfest that underperforming CEO's should be sacked.
Underperforming chief executives should be sacked, stock exchange boss Mark Weldon said ahead of a job summit planned by the prime minister.
Mr Weldon said there should be no slack for business executives not performing properly.
"If (chief executives) aren't coming through get rid of them because companies are at risk," he told the Dominion Post.
"Too often New Zealand business expects other people to be responsible for what happens to them.
"The reality is that at this point in time it is every CEO's responsibility to reshape their strategy and execute it quickly."
Nobody is ever going to disagree with that, however Weldon's swimming flippers have landed firmly between his upper and lower lip on that cute buttoned golden boy face of his.Because if Weldon's performance as CEO of the NZX is judged by volume, trades and returns in 2008 (50% drop in value of NZX shares since 2007 and a failure to meet almost every strategic goal in 2008) then he'd be one of the first to go!
And we haven't forgotten his cheeky little bid for what many New Zealanders considered outrageous, a share option package worth potentially $10 million.
I don't have any issue with what Weldon is earning, how he is performing and have no comment on whether he should be sacked for lack of performance. This is left to those who have a financial stake in judging his performance and for him to put his usual grease on it so his speedo cap spins out of the washing machine faster than the drop of the NZ dollar.
Perhaps though Weldon should extend this courtesy to other CEO's suffering from the same often uncontrollably bad performances brought on by a shit of a year and more of a shit of a year to come, and desist from making publicly provocative comments pandering to the unwashed masses in a time when more and more companies will be underperforming, shutting down and crippled for no other reason than a worldwide financial slowdown and then halt due to the fact New Zealand's trade partners can no longer afford what we export to them.
This Jobs Summit may in fact be nothing more than Weldon's long, cold trek to plead with John Key to give him a new one in New Zealand's only growth industry currently (still) - the public sector.
posted by Cactus Kate at 2:35 AM
13 Comments:
Unless the NZX is prepared to swing the big stick to ensure market integrity it will become a glorified order matching service.
Let's not forget that Weldon is the twat who went out and convinced Diligent Boardbooks to list in NZ. I wonder how the gullible NZ investors in this unneccessary product feel about his judgement. He was a big proponent of the Feltex fiasco too if I remember correctly.
Have to agree with you Cactus Kate.
To me this appointment smells of cronyism!
significanthazard
Funny Weldon talking about NZ business performance.
Mark Weldon was big on the Minister of Rain Dancing David Parker’s carbon / emmsions trading.
Parasitic compliance and cost heaped on NZ business by lefties should have resisted by people like Weldon but instead he embraced it. Can't think why.
Yep John Key is Weldon's latest mark.
Cactus
Not a Weldon fan am I
His and Skillings plan was lacking in some areas
How he got the Jobs Summit gig beats me, maybe Bill English?
I dont rate Weldon at all. All he ever does is make self serving comments.
Hes about as useless at making impartial honest comments as REINZ is
Great minds think alike.
Posted on NZCPD.com yesterday the following comments.
Two news items today. Key has hired another money man , one with a poor performing business to solve our problems. That would be OK but frankly the man is like the Nats, has no idea of what needs to be done. Even more importantly National were elected because they said they knew what to do. Turns out they apparently don't.
Explain to us how two people who have never made or sold anything tangible, useful or that gave a benefit to the user other than money can understand what a small business actually requires to get on with doing its business.
Infrastructure is fine but unless its ready to go now it will be 12 months before any benefit accrues.
The RMA should have been fixed before xmas, exporters needed help before xmas, businesses needed help back in the middle of last years and everyone knew it and made a lot of noise but nothing got done.
Skilling made suggestions last year, still we wait and they were simple easy to do stuff.
Clarkson gave Key a plan to fix leaky homes and Housing NZ woes 2 years ago but being old and rich apparently meant he was to much of a threat and so they engaged an Oxford Trained Mouse with Police prosecuting experience despite the knowledge supplied by no less than Don Brash that a catastrophe was coming.
Unforyunately for all of us money men won't fix NZ. ( nor any other place.)
But can't we blame the failures of the NZX on Cullenomics?
Love your blog - if any other CEO approved a contract like Combie Cryan's I would have sent Weldon on a fast track to hell if I was on the Board of NZX. NZFOX was a disaster and it looks like the ECN Project is dead in the water as well (how much have theysunk into that? - we don't know because NZX never disclose anything!) With staff turnover of over 70% Weldon's not even equiped to own a dog let alone run a listed company that is a regulator that has multiple conflicts of interest.
Anon do tell us what are you on about with Combie Cryan's contract?
the eX profile on the NZX website;
Columba Cryan
Head of Information Products and Fund Services
Combie is responsible for a range of NZX's ‘high growth' business units, including market data and information, indices, corporate communications and investor relations services, FundSource (NZ's leading managed funds analysis provider), Agri-Fax (NZ's leading agricultural market analysis providers) as a well as Smartshares, Australasia's largest provider of Exchange Traded Fund investment solutions.
Combie has spent his career in the global capital markets - as a fixed income funding analyst at Goldman Sachs International in London plus a variety of positions at Cantor Fitzgerald in London, ABN Amro Futures in Sydney and for many years at the London Stock Exchange. This background, including the invaluable experience of running his own fledgling businesses, has enabled Combie to develop a strong appreciation of the needs of NZX's varied customers.
Combie is a fellow of the Securities Institute in London. He attained an MSc in Finance from the Queen's University Belfast and a BComm in Banking and Finance from University College Dublin. Outside work, and when not backpacking the world, Combie focuses on helping small businesses grow and dreams of, one day, opening a NZ-style boutique brewery in his native Ireland.
We hear the infamous Combie Cryan has turned up at software trading company Trayport who supply software to... you've guessed it NZX. With Cryan they'll be making a loss in no time.
Coveniently no mention in press that after NZX, Combie Cryan's last job was head of the World Push Up championships. Great financial experience this for any exchange!
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