Tomorrow never dies
And Fairfax never lies.) The life imitating art incident at News conglomerate AGM
Another black day for Fairfax - John Lehmann November 19, 2005
IT was a doubly dark occasion for John Fairfax Holdings yesterday when a former owner of Australia's once-proud newspaper group was charged with criminal fraud, and the lights went out on a new chairman and chief executive as they were being publicly attacked by their own journalists.
In Chicago, federal prosecutors yesterday charged Conrad Black, who controlled Australia's oldest newspaper group in the early 1990s, with criminal fraud, accusing him of looting his former newspaper empire. Mr Black, a member of Britain's House of Lords, siphoned off millions from the sale of Canadian newspapers then owned by the US-based Hollinger International Inc, prosecutors charged.
In Sydney, new Fairfax chairman Ronald Walker and chief executive David Kirk were left groping in the dark after a power cut reduced the company's annual general meeting to a farce.
"Don't panic ... don't evacuate," a blaring public address system at the Sheraton on the Park hotel repeatedly advised shareholders, moments after journalists warned that the management team was endangering the company's future by cutting editorial staff numbers.
There was no relief for the hapless board outside the meeting, where more than 100 Fairfax journalists were picketing against the company's plans to cut 68 editorial jobs at newspapers in Sydney and Melbourne. Their anger was fuelled by the $4.5million golden handshake to outgoing chief executive Fred Hilmer. "Fred got the goldmine - we got the shaft," read the message on T-shirts worn by journalists including senior writers David Marr, Matthew Moore and Kate McClymont.
At the meeting, Mr Kirk faced the ignominy of being heckled by staff as he spelt out his plans to lift the company's performance. We've heard assurances about how you hope we can improve the quality of the mastheads by cutting staff," journalist Darren Goodsir told Mr Kirk. "There is a glaring inconsistency in our view in continuing to believe in the 80s and 90s adage that we can do better with less."
Sub-editor Tim Wallace confronted shareholders with a ceramic piggy bank, asking them to contribute their loose change.
"You're giving Fred millions so you may want to give your cents as well," he said.
A clearly exasperated Mr Walker was forced to deny his independence as board chairman had been compromised by his past as a Liberal Party federal treasurer and his 40-year friendship with Kerry Packer.
Former Labor senator Chris Schacht called on the board to appoint at least one person to its ranks with newspaper experience, while the Australian Shareholders Association criticised Mr Kirk's $1.8million bonus scheme for a lack of transparency. END
The same rats that have cut at least two major cables in recent years are suspected...the secratery of the RAT Institute has denied all knowledge.
Stay tuned. Same RAT time - Same RAT channel.
Another black day for Fairfax - John Lehmann November 19, 2005
IT was a doubly dark occasion for John Fairfax Holdings yesterday when a former owner of Australia's once-proud newspaper group was charged with criminal fraud, and the lights went out on a new chairman and chief executive as they were being publicly attacked by their own journalists.
In Chicago, federal prosecutors yesterday charged Conrad Black, who controlled Australia's oldest newspaper group in the early 1990s, with criminal fraud, accusing him of looting his former newspaper empire. Mr Black, a member of Britain's House of Lords, siphoned off millions from the sale of Canadian newspapers then owned by the US-based Hollinger International Inc, prosecutors charged.
In Sydney, new Fairfax chairman Ronald Walker and chief executive David Kirk were left groping in the dark after a power cut reduced the company's annual general meeting to a farce.
"Don't panic ... don't evacuate," a blaring public address system at the Sheraton on the Park hotel repeatedly advised shareholders, moments after journalists warned that the management team was endangering the company's future by cutting editorial staff numbers.
There was no relief for the hapless board outside the meeting, where more than 100 Fairfax journalists were picketing against the company's plans to cut 68 editorial jobs at newspapers in Sydney and Melbourne. Their anger was fuelled by the $4.5million golden handshake to outgoing chief executive Fred Hilmer. "Fred got the goldmine - we got the shaft," read the message on T-shirts worn by journalists including senior writers David Marr, Matthew Moore and Kate McClymont.
At the meeting, Mr Kirk faced the ignominy of being heckled by staff as he spelt out his plans to lift the company's performance. We've heard assurances about how you hope we can improve the quality of the mastheads by cutting staff," journalist Darren Goodsir told Mr Kirk. "There is a glaring inconsistency in our view in continuing to believe in the 80s and 90s adage that we can do better with less."
Sub-editor Tim Wallace confronted shareholders with a ceramic piggy bank, asking them to contribute their loose change.
"You're giving Fred millions so you may want to give your cents as well," he said.
A clearly exasperated Mr Walker was forced to deny his independence as board chairman had been compromised by his past as a Liberal Party federal treasurer and his 40-year friendship with Kerry Packer.
Former Labor senator Chris Schacht called on the board to appoint at least one person to its ranks with newspaper experience, while the Australian Shareholders Association criticised Mr Kirk's $1.8million bonus scheme for a lack of transparency. END
The same rats that have cut at least two major cables in recent years are suspected...the secratery of the RAT Institute has denied all knowledge.
Stay tuned. Same RAT time - Same RAT channel.
posted by professor rat at 11:25 PM
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