Charlie has Been Sold Out. Anybody Understand Corpspeak?
Posted by Kirk M on 30 Jun 2008 | Tagged as: It figures
Poor Charlie, he was sold out to the Koreans along with the StarKist brand when Del Monte decided to unload their seafood division to the Korean Dongwon Group companies for $363 million dollars.
Okay, fine then. Another American standard is sold out, such is life. By what I get out of the article is that Del Monte has a lot of debt to get rid of and this sale is going to help do just that but what really irks me is that the CEO of Del Monte can’t just come out and say it. Listen to this load of corpspeak will ya’.
Charlie Gets The Hook: StarKist Goes Korean - Forbes.com
“This divestiture will immediately help improve our margin structure, eliminate a source of earnings volatility and reduce our debt leverage,” said Rick Wolford, Del Monte’s chairman and chief executive officer.“Given the unique dynamics of our seafood business, including its heavy dependence on a single input cost and participation in a comparatively lower growth category, StarKist was no longer an ideal fit for Del Monte, given our sharpened strategic focus going forward,” he continued.
Holy shades of Dilbert, Batman, that’s as bad as being politically correct. If you have to sell off the top selling brand of tuna in the USA to satisfy your debts otherwise you’ll end up in deep doo-doo then just say so, don’t insult my intelligence while you’re beating around several acres of bushes with your over wordy, non-informative explanation.
)And that’s my rant for the day. Thank you very much.
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