Getronics confirms – finally – that CEO has quit following HMRC VAT payment debacle

Cash-strapped IT services integrator Getronics has finally confirmed its split with group CEO Nana Baffour and is getting an injection of capital following its cash-flow issues. In September, privately owned Getronics was issued with a winding-up petition by HMRC over unpaid VAT, something Baffour admitted to us was a highly …

[Pascal Monett]

"The investment from our existing stakeholders signals" . .

. . that they don't want to lose the investment they already have because of mismanagement. Confidence, at this point in time, is likely to be scarce and will need to be regained.

But hey, this is PR we're talking about, so . .

[Norman Nescio]

Re: "The investment from our existing stakeholders signals" . .

I hope the investors are not following the Escalation of commitment behavioural pattern, otherwise known as the Sunk Cost Fallacy.

It can be very hard to avoid rationalising a relatively small extra expenditure in order to prevent losing, the so far undelivered, but expected benefits of large previous expenditures.

[Anonymous Coward]

One hopes Nana fallng on his sword will be the impetus the company needs to start to rebuild trust with the workers, the customers and put this whole story affair behind them :-)

[MJB7]

I don't think he fell. I am pretty sure he was pushed.

[Evil Harry]

Which must really hurt if it was the case given he owns over 75% off the shares in the UK business (according to Companies House)!

[Nanamcphee]

Now that the Brazilians have gone off shore with their assets, it will be interesting if the other Op Cos survive.The investors still want to get something back even at a loss, Pomeroy was the jewel in the company the rest of the business is still on life support. The Global sales lead has exited and others on the dis-functioning board are sure to follow when they all stop ligating each other and what is left of the business. The Sponsored Dog walker is still in the business, so not in the clear yet, unless you pedigree Chum for lunch. This months payroll is currently 50/50,