F&P Global CEO John Bongard to Step Down
Submitted by advisor on Wed, 08/19/2009 - 10:18am.
NZ's Scoop Independent News reported today that John Bongard is stepping down as F&P Chief Executive for health reasons after 36 years with the company. Mr. Bongard, it is reported, has been battling prostate cancer for more than one year.
See the Scoop.
How does this play into F&P's recent problems and the equity stake taken by Haier? We will think about this from our vacation hideout.
The staff of ApplianceAdvisor.com hopes that Mr. Bongard is able to finally focus all his energies on his health and on a speedy recovery. We wish him the very best.
More Changes to Come !!!
Here's a link to an article from New Zealand ... seems like the Bongard departure is just the tip of the iceberg ... and I am seriously concerned, especially with the two (2) seats Haier gained as part of their 20% stake in F/P !!!
http://www.stuff.co.nz/business/market-data/2765775/Investors-question-new-F-P-director
New, Unfortunate, Developments ...
It was reported today that Mr. Bongard is escalating his departure from F/P due to his prostate cancer ... this may actually have been the real reason for the appointment I mentioned in the above ... I'm sure we all wish him well !!!
Fisher Paykel
I am sorry to see anyone have misfortune. Health issues being the worst of anything. Our prayers are certainly with him and his family. F&P however bought DCS at the right price which was about half of what the investors paid. The problem with F&P was they overcapitalized that factory for the product line. They seemed to be pre occupied with buying equipment. The result was very little justification to keep that Huntington Beach plant open based on the product running through it. They decided to move. My guess is they did not anticipate the American market response to their products correctly,overspent and blamed the high cost of doing business in California. If they would have worked hard with the products they bought it would have been a different story. Not Mr. Bongard's fault. I wish him well.
John Bongard
I was sorry but not suprised, to see that Mr. Bongard is retiring. Despite recent troubles at Fisher Paykel, John has to be one of the finest individuals in our industry. Very approchable, very down to earth and a good man to be around. I will miss him and I wish him a speedy recovery.
John Bongard
That is sad news. I have had the pleasure of meeting Mr. Bongard on a couple of occasions and he is one of the truly good guys out there.I wish him a speedy recovery and hope he can return to good health soon. He needs to get back into a go-kart and show Goadby how it's done!!Get well soon John.Remember: No matter where you go, there you are.