Opinion

Former Morse boss Phillips on the hunt for new role

Following its acquisition by 2e2, Morse CEO Mike Phillips has joined the ranks of industry veterans that are currently out of work, but in his case at least the hiatus is likely to be broken in the not-too-distant-future.

He stood down last week, roughly two years after undertaking the mammoth task of turning around the beleaguered firm that had sunk to losses in fiscal 2008, the trading year prior to his arrival.

The management at Morse subsequently implemented a cost reduction programme, hacked off the Investment Management Consultancy business as part of a restructure - selling off or closing the units. 

It started to show improvements in 2009 numbers with the revised operational structure making the product and services it sold clearer to staff and clients.

Morse even became the subject of an opportunistic bid last summer.

Even now, some parts of the operation have yet to be completely re-energised, particularly the Business Application Services division, but there was no doubt that the actions taken by management resonated with the financial markets.

During the first six months of Phillips reign, Morse's share price slid to 4.75 pence (December 2008), way below the 51 pence per share offered by 2e2 in April.  

Phillips has now stepped down and is "open minded" about the next position he takes on, but let's face it there are plenty of resellers out there in need of some commercial medication. The question is, will he remain in the channel?  

Drop me a line, on the QT, off-record, very much hush hush.

paul.kunert@rbi.co.uk

 

This was first published in June 2010

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