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Finance Directior Steps down From GW
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Old 14 Oct 2008, 11:00   #1 (permalink)
Shas'La
 
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Default Finance Directior Steps down From GW

Just a FYI since this is where I think this should be posted.

http://www.accountancyage.com/accoun...kshop-fd-steps

Now If I can find a way get rid of Kelly or at least keep his hands off of ruining the Dark Elder codex there will be much rejoicing(at least for me that is). Really in biblical proportions too. Like parting of the Red Sea and even 10 plastic models for 25 bucks!

I can dream can I???

But being serious about this situation, I'll try to get any more additional information if I am able.
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Old 14 Oct 2008, 11:17   #2 (permalink)
Shas'Ui
 
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Default Re: Finance Directior Steps down From GW

Finance director ??? I don't really have a clue about business. Can someone explain what things this guy has been responsible for? Is this necessarily a good sign?
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Old 14 Oct 2008, 11:27   #3 (permalink)
Ethereal
 
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Default Re: Finance Directior Steps down From GW

Most likely finances.


:P

As to whether or not it's good news, only time will tell I guess. Without knowing why he left it's hard to say.
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Old 14 Oct 2008, 11:56   #4 (permalink)
Shas'La
 
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Default Re: Finance Directior Steps down From GW

It's Good news to some and bad news to others.

The Good news (at least in my case) there is one less of Phil Kirby's old core group to deal with. Kirby's can play chairman of the board and let the game designers do their job on creating content.

The Board of Directors will be voting on the replacement of the Finance Director later this month.

The Bad news is that he -is- the Finance Director for Games Workshop. He knows exactly what is GW's (presumed) cash flow problems -if- any. What will be telling that when or if he decides to cash in any his stock.

If he does not cash all of his stock options, then things are just fine. If he does? Then things can be assumed that they are going to be possibly bad.

It's the "seeing the pilot of a plane grabbing the parachute before you do" syndrome. We will simply have to wait and see in a month or two.

Again its just an FYI delving into the realm of GW-dom.

I'll go back now to playing with my toys "chuckles"
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Old 14 Oct 2008, 12:05   #5 (permalink)
Shas'O
 
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Default Re: Finance Directior Steps down From GW

Quote:
Originally Posted by Chimerical
Finance director ??? I don't really have a clue about business. Can someone explain what things this guy has been responsible for? Is this necessarily a good sign?
He really has almost nothing to do with whatever we complain about in terms of game and hobby contents.
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Old 14 Oct 2008, 12:29   #6 (permalink)
Shas'Vre
 
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Default Re: Finance Directior Steps down From GW

True, a finance director has little or no influence in the quality of the stuff that comes out, but GW has been losing money like crazy over the last year or two, and that DOES directly concern the finance director. If the finance director can't keep the company from going under, then there will be no more models at all! With as poorly as GW's cash flow situation has been recently, maybe a new finance director is what they need. I hope the new guy doesn't have to make drastic cutbacks to the stuff we love, but he might. Wait and see, I guess.
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Old 14 Oct 2008, 14:40   #7 (permalink)
Ethereal
 
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Default Re: Finance Directior Steps down From GW

Quote:
Originally Posted by Daemonette Embrace
It's the "seeing the pilot of a plane grabbing the parachute before you do" syndrome. We will simply have to wait and see in a month or two.
Nice analogy .
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Old 16 Oct 2008, 00:54   #8 (permalink)
Shas'La
 
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Default Re: Finance Directior Steps down From GW

Quote:

Finance director Sherwin to leave Nottinghamshire's Games Workshop

Mike Sherwin, the group financial director of fantasy wargaming business Games Workshop, is to leave the company at the end of the month. He is to leave the Lenton company after nine years "because the job is no longer big enough for a big hitter", chief executive Mark Wells said today.

Games Workshop announced earlier this year that it would go through a restructuring exercise after losing nearly £3m in the last financial year.
Mr Wells said today: “As a result of restructuring we have changed things around at the centre of the business and a lot of Mike’s responsibilities have been shared out amongst other people. Mike and I took the view that there was not a big enough job for a big hitter like him going forward.
“We have got a much simpler organisation, with four big investors and Tom Kirby [Games Workshop’s chairman] owning 75% of the shares. So the workload for a group finance director would be a lot less.”
He added: “Mike has been with us for nine years and the business has changed enormously in that period, with Mike responsible for seeing through some big projects.”
Games Workshop makes fantasy tabletop games like Warhammer played by hobbyists ranging from teenage years to adults. It sells round the world, with the UK and US being tis main markets.
Though the company lost nearly £3m last year, Mr Wells says it is a “resilient” business well-placed to cope in a downturn.
“If you look at our history, we’ve been through a couple of recessions and on each occasion we’ve grown. We’ve also set up a webstore in the UK and US and that is going great guns.
“We are resilient because people don’t give up on their hobbies when times are hard.”
Mr Wells says games Workshop expects to announce a successor to Mr Sherwin next month. It will be an internal appointment.

In August, Games Workshop revealed it had lost nearly £3m in its last financial year, with Mr Sherwin saying the company would be putting in place a structure that would return it to profit.

Revenues were down £3.7m at £111.5m in the year to June 3, while pre-tax losses were £2.9m, against profits of £3.7m a year ago.

In May, the company issued a profits warning announcing 200 job losses across the world – ten per cent of its workforce.

In August, Mr Sherwin said Games Workshop had a long-term belief in the sales growth credentials of the business. There was an upward trend in sales growth which would continue, he said. UK sales were up £600,000 at £36.1m last year.
From another site, I don't think his leaving spells doom in the short term for GW.
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Old 16 Oct 2008, 06:52   #9 (permalink)
Shas'Ui
 
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Default Re: Finance Directior Steps down From GW

I do find it strange that he has left just after we have had a price increase.
Anyone else ?
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Old 16 Oct 2008, 08:19   #10 (permalink)
Shas'Saal
 
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Default Re: Finance Directior Steps down From GW

I find it interesting that Kirby and four other people own 75% of GW's shares. I did not know that. Makes the "Games Workshop is a corporation and they have to answer to their shareholders" argument whenever they make a decision that pisses off most of their fan base far less compelling. It makes a lot of those decisions just look plain greedy...
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