Seems sort of underwhelming. Doesn't have that wow factor, does it?
Not at all. Makes you wonder. He might have a non-compete clause in his Celebrity contact so might look at this as temporary waiting for that to expire. It is kind of an odd move though.
__________________
Upcoming:
Hawaii By land x 2
Paris and German Christmas Markets
I like this from an article in the Sacramento Bee:
Hanrahan earlier held executive positions at Royal Caribbean International, Polaroid Corp. and Reebok International. Earlier in his career, he also worked at Nestle Foods, Texas Instruments and Gallo Winery.
The past year has been no cruise ship for Regis, marked by declining sales, layoffs at its Edina headquarters, asset sales, and especially, turmoil in the boardroom.
Last fall an activist hedge fund waged and won a proxy fight to defeat three existing Regis directors and install their own slate. The retirement of its incoming CEO soon followed.
Hanrahan said he was "pleased to be joining Regis during this exciting time in its history." In a statement, he noted Regis' strengths, including its "market leading position in the hair care industry."
An activist hedge fund? Wow, what is he walking in to? It gets worse...
From last February ...
Last fall, Starboard Value LP, a New York-based hedge fund, successfully placed three candidates on Regis' board of directors, promising investors that it would cut costs and restore growth. The firm estimated the North American salon business accounted for nearly 40 percent of Regis' $310 million in general administrative costs last year.
The company recently laid off 110 employees, or 10 percent of its corporate staff.
Over the years, Regis had acquired dozens of regional brands that boosted annual sales. But Regis often operated each brand as its own company, resulting in a confusing hodgepodge of overlapping businesses, analysts say.
"It appears that the subsequent post-merger integration process may have failed to consolidate the numerous brands ... necessary to achieve [cost] benefits," James Miller, an analyst at Institutional Shareholder Services, wrote in a report.
Worse yet, the brands looked exactly the same to the customer, Bakken said.
Brand trimming alone won't get the job done, officials say. Regis desperately needs to start growing sales again.
Increasingly buffeted by competition from chains like Fantastic Sams and Great Clips, Regis' same-store sales have fallen for 14 consecutive quarters, a trend that's likely to continue for the foreseeable future. Regis already expects same-store sales to decline between 2.5 percent and 3.5 percent in fiscal 2012.
Ideally, Regis would like same-store sales to rise from 2 to 4 percent, said Fosland, Regis' finance executive.
"We're not like Apple," he said. Same-store sales are "never going to hit 10 percent. Our industry is glacial."
And from yesterday... (july 10, 2012)
Regis Corp., the troubled hair salon firm, had small declines in fourth-quarter and fiscal year sales. A full report is due in August.
Struggling hair salon chain Regis Corp. announced its fourth-quarter revenue early, reporting Tuesday a 4 percent decline in sales to $568.1 million. Sales for the year declined 2.2 percent to $2.27 billion.
It was the 16th consecutive quarter in which same-store sales declined. They dropped 3 percent in the fourth quarter compared with a year ago.
Earnings for Edina-based Regis won't be disclosed until the regularly scheduled fourth-quarter report on Aug. 23.
Regis' same-store sales trends improved slightly over the third quarter, said Eric Bakken, the interim CEO. The firm also underwent a restructuring in the quarter that divided the business into four consumer segments.
"Meaningful change is underway at Regis, and, as we look forward to fiscal 2013, we expect these changes will drive improvement in our same-store sales results," Bakken said in a statement.
Regis has already undergone a whirlwind of changes, including the departure of former CEO Paul Finkelstein in February after pressure from an activist hedge fund. Bakken, the executive vice president and general counsel, was named interim CEO while the company searched for a permanent replacement. In April, Regis reported a $1.4 million loss for the third quarter, an improvement over the $57.4 million loss in the second quarter.
Dan, me boy - what haive vee gotten yurselv inta nae????
__________________
I am the editor, but I also speculate, ask questions and play devil's advocate. I reserve the right to change my mind.
This is purely speculative - but do you got from being the president of a successful cruise line to the CEO of a business that has 12 straight quarters of losses by choice?
I'm starting to think he was "let go"
Of course the did it amicably not to upset the applecart but wait RCL stock is down $.33 in after hours (normally it wouldn't move).
Are we setting Dan up as the scapegoat for the next earnings call from RCL where they say "earnings in the Med where Celebrity had seven of its eight ships this summer" were the cause for a bad quarter?
Pure speculation on my part - but ....
__________________
I am the editor, but I also speculate, ask questions and play devil's advocate. I reserve the right to change my mind.
Reebok is in Canton Ma now, but for many years, the headquarters was in Stoughton Ma..Was the crown in our town...they moved a town over, about 3/4 years ago, but...
__________________
Trip, with her book & tea!
Chat Hostess & Board Moderator
Reebok is in Canton Ma now, but for many years, the headquarters was in Stoughton Ma..Was the crown in our town...they moved a town over, about 3/4 years ago, but...
We're next to them in Canton. Love their building
__________________
Upcoming:
Hawaii By land x 2
Paris and German Christmas Markets
Odd, I never do this, but I just checked CC boards as well.
No one over there thinks this smells fishy, either?
Did you guys read what I worte? He is going to head up a company that has had 16 straight losing quarters and where the board has driven out two CEOs in as many years because of a hedge fund doing a hostile takeover.
This is not a "dream job".
I could be wrong, but it does not make sense to me. In my opinion, he's had his day and he's history at RCL.
Nobody else cares but me? Oh well.
__________________
I am the editor, but I also speculate, ask questions and play devil's advocate. I reserve the right to change my mind.
Odd, I never do this, but I just checked CC boards as well.
No one over there thinks this smells fishy, either?
Did you guys read what I worte? He is going to head up a company that has had 16 straight losing quarters and where the board has driven out two CEOs in as many years because of a hedge fund doing a hostile takeover.
This is not a "dream job".
I could be wrong, but it does not make sense to me. In my opinion, he's had his day and he's history at RCL.
Nobody else cares but me? Oh well.
For what it's worth, I agree with you. Definitely not a dream job. You'd think there had to be some falling out, can't think that someone would make that move willingly.
__________________
Upcoming:
Hawaii By land x 2
Paris and German Christmas Markets
Doesn't the US require that a publically traded company reveal an Exec's earnings? So they couldn't hide a severance package, so why announce it as a resignation?
__________________
Upcoming:
Hawaii By land x 2
Paris and German Christmas Markets
Doesn't the US require that a publically traded company reveal an Exec's earnings? So they couldn't hide a severance package, so why announce it as a resignation?
Why, does it affect you in any way..As long as the taxes are paid its no ones business except the CEO and the shareholders.
Why, does it affect you in any way..As long as the taxes are paid its no ones business except the CEO and the shareholders.
it doesn't effect me at all, I was asking to clarify US disclosure law on publicly traded companies executives. I work in the industry, I was curious about US law.
If you read the thread, you can see there was discussion back and forth about if he was pushed or walked. I merely asked why would you frame it as a walk if you'd have to dislose the severence anyway. And as a Shareholder, that is my business
As time moves along at Celebrity, I wonder now if Dan H. was not willing to pump up the cost off cruising on Celebrity. The new fella, Bayley, has stated he is looking at yield now the Reflection is finished and sailing. To me, that means he's more interested in bottom line than anything to do with cruisers.
Certainly the changes with the Reflection show a push to put more people/crowd on the ship at the expense of such onboard sites such as Blu and the The Sky Bar.
After reading some remarks from Bayley, I don't think he's going to be particularly easy to deal with - but that's just my opinion.
And my other reason for my opinion, look at what they've done to Azamara - priced it so high, I cancelled my Open Passage and received a full refund.
__________________ More than 300 days at sea so far with many more to come. (Actually more - one of these days I'll count them properly.)
Celebrity Solstice - Feb. 21/14
Oasis of the Seas - Sept. 1/14
42 cruises - too many to list however cruiselines are in no particular order:
Azamara
Uniworld
RCL
Princess
NCL
HAL
Cunard
Celebrity
and some unknown tub
As time moves along at Celebrity, I wonder now if Dan H. was not willing to pump up the cost off cruising on Celebrity. The new fella, Bayley, has stated he is looking at yield now the Reflection is finished and sailing. To me, that means he's more interested in bottom line than anything to do with cruisers.
Certainly the changes with the Reflection show a push to put more people/crowd on the ship at the expense of such onboard sites such as Blu and the The Sky Bar.
After reading some remarks from Bayley, I don't think he's going to be particularly easy to deal with - but that's just my opinion.
And my other reason for my opinion, look at what they've done to Azamara - priced it so high, I cancelled my Open Passage and received a full refund.
Are you aware that most of the public areas and specifically the ones you mentioned were all increased in size to accomodate more patrons.
From the reviews Blu wasn't expanded enough to house all the new Aqua cabins.
Give it a couple of months, new ships very often get lousy reviews until they get their act together.
As far as Blu goes, if there is a continual problem they can always restrict Suite passengers from eating there. That perk of allowing suite passengers to eat in Blu is not advertised or written down anywhere.
Connect with Facebook
Dan Hanrahan Resigns
Doesn't have that wow factor, does it?
Linear Mode
