“Gosh,” I said, “tell me more.” Anthony reckons that FDs have an obsession with control. “Therefore, their response to unexpected changes is to impose more controls.” That, apparently, is the last thing that’s needed. He predicts that in 2008-09, we might see fewer FDs advancing to the CEO position. It’s a controversial argument but timely, perhaps, given that the market is likely to be hit by more “unexpected changes” next year. Later on in the conversation, Anthony echoed concerns raised by Kroll in October. “There are very few managers, banks or investors at a senior level who were around the last time these sorts of market conditions were encountered. “There is a complete management void in UK companies.” Like many other commentators, he believes that smaller companies will be hardest hit by the economic downturn and worsening credit crunch. 2008 is shaping up to be a turbulent year. Imagesource
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