atans1

Posts Tagged ‘Accountability’

Now this is accountability

In Commodities, Corporate governance, Logistics on 11/11/2011 at 5:56 am

Commodities supply chain manager Noble Group (based in HK but listed here) announced on Wednesday the resignation of its chief executive only hours after reporting a surprise US$17.5-million (S$22.5-million) net loss in the third quarter from a net profit a year earlier. It blamed volatile market conditions and mark-to-market losses.

CEO Ricardo Leiman will remain as an adviser to the group after resigning “for personal reasons”, Noble said.

Chairman Richard Elman was appointed acting CEO, “We are taking this opportunity … to realign our goals and strategies to adapt to the many challenges that exist in the prevailing market conditions … It goes without saying that we are very unhappy with this performance even if it does just cover a very short period … things happen’ which are out of our control … remains very healthy and strong”.

 

Follow

Get every new post delivered to your Inbox.

Join 199 other followers