Thursday, Feb 22, 2007
Does this sound like a man who knows something the rest of us don't
The Independent: Alliance & Leicester chief in surprise exit as profits rise
When reality still ruled in UK Economics, people who presided over periods when their bank made record profits would have to be carried out stone cold dead from that organisation, their claw marks in the marble flaw as they were subdued prior to being removed. Here we have a Chief Executive hightailing it out of their faster than the Starship Enterprise on speed. Something stinks really badly in the state of the City: ->
"Alliance and Leicester boss Richard Pym yesterday took the City by surprise, saying he planned to quit as chief executive after five years in the top job. Mr Pym, who has been with the mortgage bank for 15 years, made the announcement at the end of the company's annual results presentation to analysts."
Posted by lvmreader @ 01:47 AM (1669 views) Add Comment
12 Comments
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1. daft boy said...
Just sounds like a sensible guy who has made his millions and is about to enjoy the fruits of his labour. I wish him a long and happy retirement. Thats what we all aspire to in the end. Better to be young and poor than old and rich . You cannot buy youth so enjoy it.
2. Bug16 said...
@Daftboy - Nah, people like that enjoy the power of the job not a quiet life of fishing
3. harold said...
daft boy, it's a nice thought but greed doesn't work like that.
4. japanese uncle said...
This guy is quitting as he is perfectly aware of what sort of mess lies ahead.
5. Sam said...
if he's going to another company, yeah he's jumping ship.
if he's going to retire, good luck to him and let's hope his pension is tied up in the property market.
6. george monsoon said...
I suspect he is leaving because (a) he has had a better offer from someone else... and (b) he knows that the peak has been reached and he is leaving before the house of cards falls on his head.
7. dohousescrashinthewoods said...
Daft boy, hear hear, in his shoes, I [hope I] would do exactly that.
I suspect japanese uncle and george monsoon have the nail on the head - would certainly add fuel to this blog's majority views.
If he is leaving for a quiet life, he is a rare and sensible man, why kill yourself getting more if you have enough to enjoy life?
8. Northernlad said...
he's a grabbing banker!
9. This comment has been removed as it was found to be in breach of our Blog Policies.
10. Sithclone7 said...
He's just doing a "Greenspan"; Retire before the Sh7t hits the fan (You can turn the TV off !).
11. sirgoogle said...
I bet he will sell his shares as soon as he retires.
Because he is a private individual (no longer a director) we (potential share holders) will never know. If so this is nothing short of insider trading. He will know if something is comming. It is interesting that A&L are planning a share give out - so that any losses are going to be spread across a wider area. Very clever.
12. d'oh said...
As the article is dated February 2007 it appears he retired near the peak...must be a rather smart guy...pity he didn't use his insight for the long term future of A&L.