Bolch was neither the problem nor the solution. Exide's failure is systemic and generational. A strong case could be made in comparing Exide to J.C. Penney... multi-$B companies, long operational histories, outstanding brand positions, relatively simple trading environments (unlike technology areas), etc. That's on the plus side. On the downside, neither company maintained a bona fide business premise; JCP marketed inflated prices marked down as "sale" prices and Exide marketed bloated warranty periods and humdrum features as "technology" in absurd hyperbolic exaggeration.
JCP hired a geek from Apple to run a totally unrelated mercantile business; Exide hired a revolving door of non-battery CEO's to run a battery business. Both company's leadership then isolated itself from the mid-rank management that actually understood the company's strengths and weaknesses, instead drawing all their input from Boards and consultants that were even more dysfunctional and, at least in Exide's case, were also arrogant, effete and ego-maniacal, IMO.
The restructuring guys have good credentials, but they can only do their jobs if the B-O-D takes some final accountability for the second Exide BK and agrees to stand down when a new board can be secured and put in place by shareholders. This would NOT be a subset of the existing class action shareholder claims that revolve around the Vernon environmental "surprise".
All JMHO.
AI
