Tuesday, April 7, 2009

Dermott Mannion resigns as Aer Lingus CEO - good

Good bye Dermot, it's been nice (to the tune of Supertramps "Goodbye stranger")

Well last night Dermot "won't sell" Mannion decided to step down as CEO of Aer Lingus, commenting that "My decision to step down will allow a new CEO to bring fresh thinking and new ideas to the business". Well I think people are bandying about a few names for this position, with Sean Coyle the current CFO being the front runner for this position... well how about trying... Michael O'Leary on for size.

It still amazes me that the Aer Lingus board are holding out against the Ryanair bid, I have a feeling that view O'Leary and his associates as some sort of blood thirsty mob. And whether that is true or not is irrelevant, they are at least a profitable blood thirsty mob.

In the 12 months to December Aer Lingus made a... wait for it... LOSS of €105m, Ryanair? well in March they showed profits of €80m. The worst part of this is when Ryanair put in their official big for AL the AL board claimed there was no need to sell out as they were, and would continue to be a profitable airline.

The question the board need to ask themselves, and be forced to answer to the shareholders is: Are you more profitable now, and into the future under the current management than if you sold out to Ryanair? and if the answer to this is no, which it most likely is then sell up and get out of that board room, Aer Lingus is a private company, the boards responsibility is to shareholders, and thats the end of it...

See you later Dermot

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