Management: spare me the bouquets

I’ve long been sceptical about whether so-called ‘good’ management really deserves the praise frequently heaped upon it (see Good management or just good luck?). But what was revealed by David Jones’ new ‘Future Strategic Direction’ should cause shareholders in ‘well-managed’ companies to question the basis for that adjective. You might remember that former chief executive Mark McInnes was lauded for David Jones’ spectacular turnaround. Operating profit margins rose from 4.1% in 2003 to 12.1% in 2010. McInnes was widely regarded as a retail wunderkind before his departure due to a sexual harassment scandal in 2010. Over that period, the share...

I’ve long been sceptical about whether so-called ‘good’ management really deserves the praise frequently heaped upon it (see Good management or just good luck?). But what was revealed by David Jones’ new ‘Future Strategic Direction’ should cause shareholders in ‘well-managed’ companies to question the basis for that adjective.

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