More Magna woes

[cj]

http://www.washingtonpost.com/wp-dyn/content/story/2008/05/13/ST2008051303238.html

You almost have to laugh, especially after reading comments like this:

"Dragone, he was a nice fella, but it might have been maybe too much for him," said Stronach, reached yesterday in Moscow. "The other fella [Chuckas] had more experience. We have in mind he will play a greater role. It happened he was available."

Getting fired by Magna probably looks really good at the top of resumes these days. :lol:

[rrbauer]

Remember the one about the two best jobs you ever had:
The one you just left; and, the one you are going to!

Magna is helping to keep that saying alive. Soon they'll be working on the one about the 2nd time around as they begin to recycle the "talent" pool.

[Spectacular Sid]

It is hard to imagine how Frank has been so successful in auto parts and so completely clueless on running racetracks.

[BombsAway Bob]

It is hard to imagine how Frank has been so successful in auto parts and so completely clueless on running racetracks.
Just because Frank knows what an Oil Filter is doesn't mean he knows how to install it!

[DJofSD]

It is hard to imagine how Frank has been so successful in auto parts and so completely clueless on running racetracks.

You want another example of how a CEO's ego leads to the downfall of a company when he goes into an industry he doesn't understand? Look at Sears Holding (SHLD).

[richrosa]

I'm not sure this thread is titled right. Magna's asking an executive to leave and already having hired his replacement is probably not a bad thing. The CEO in this case has a responsibility to get a team together that he thinks he can turn the company around with.

I don't know the guy he hired, but the mere fact that Frank was able to talk a person with similar responsibilities to jump ship and come over to the Magna is not exactly a negative.

Obviously more executives will go if the company is ever able to rehabilitate itself.

Other than investing in the company, I'm not certain why we as horseplayers should care. The more I've thought about the Magna debacles, the less I'm interested in knowing about them. I should judge bad investments like Gulfstream on the basis of their benefit to the horseplayer, and care less whether or not its good for Magna. Stewing over the results of operations of this company is a waste of my time, unless somehow it benefits me as a horseplayer.

[Tom Barrister]

They might as well hire a talking parrot; it'd save them money and have about the same effect. Until Stronach stops trying to run everything, it doesn't matter who they bring in.

[rrbauer]

I don't know the guy he hired, but the mere fact that Frank was able to talk a person with similar responsibilities to jump ship and come over to the Magna is not exactly a negative.



He hires a guy from a small, almost defunct, outfit to come in and run a larger, almost defunct, outfit. Good fit--I give him a year.

[Javagold]

a year :lol: ..... i give him 4 months at most !!!! :bang:

[Spectacular Sid]

a year :lol: ..... i give him 4 months at most !!!! :bang:

Most ex-Magna execs got a nice parting gift.

[northerndancer]

I'm not sure this thread is titled right. Magna's asking an executive to leave and already having hired his replacement is probably not a bad thing. The CEO in this case has a responsibility to get a team together that he thinks he can turn the company around with.

I don't know the guy he hired, but the mere fact that Frank was able to talk a person with similar responsibilities to jump ship and come over to the Magna is not exactly a negative.

Obviously more executives will go if the company is ever able to rehabilitate itself.

Other than investing in the company, I'm not certain why we as horseplayers should care. The more I've thought about the Magna debacles, the less I'm interested in knowing about them. I should judge bad investments like Gulfstream on the basis of their benefit to the horseplayer, and care less whether or not its good for Magna. Stewing over the results of operations of this company is a waste of my time, unless somehow it benefits me as a horseplayer.

Rich you are spot on with that post.... the fact is this is a big step for MEC. This is a company that has developed its own category of termination..... temporarily fired without replacement and we will pay you for doing nothing until we hire you back when you can do nothing some more.

The fact is that Frank/MEC has acted in a way that they have never before:

1. Terminated an executive when they had the replacement ready to step in;
2. Actually hired a person who has successful industry experience;
3. Acted quickly on the error to hire Chuckas to replace Dragone which was a mistake hire to begin with;

A few more of these type of fires/hires and maybe just maybe they can start to move forward..... hopefully this means McAlpine will never find his way back to the fold.

Bad decision in the first place to let Rafetto go....

[rrbauer]

Rich you are spot on with that post.... the fact is this is a big step for MEC. This is a company that has developed its own category of termination..... temporarily fired without replacement and we will pay you for doing nothing until we hire you back when you can do nothing some more.

The fact is that Frank/MEC has acted in a way that they have never before:

1. Terminated an executive when they had the replacement ready to step in;
2. Actually hired a person who has successful industry experience;
3. Acted quickly on the error to hire Chuckas to replace Dragone which was a mistake hire to begin with;

A few more of these type of fires/hires and maybe just maybe they can start to move forward..... hopefully this means McAlpine will never find his way back to the fold.

Bad decision in the first place to let Rafetto go....

Well maybe they have and maybe they haven't. (terminated Dragone and hired Chuckas) Was someone (FS) talking out of turn?

http://news.bloodhorse.com/article/45238.htm