Gibson on the way back?

MegiMegi Posts: 7,117Member

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  • MegiMegi Posts: 7,117Member
    Sorry, appears you can't read the whole article, but also this from a bit earlier:
    https://www.digitalmusicnews.com/2018/09/10/gibson-guitar-bankruptcy-ending/

    Henry is out basically, relegated to advisory, powerless status, it appears.
  • LesterLester Posts: 1,621Member, Moderator
    edited October 4
    I have read (here) that Henry will not so much be out of Gibson, just out of his role as CEO. He got a bonus of $1.5m (for selling TEAC) and will get a salary of $2.1m for the next year as a consultant to Gibson (which, by the way, just happens to be more than I will earn in my entire life). I would say he has come out of this very nicely indeed, and with just one year until he reaches retirement age he can leave after a year and make it look like it was always meant to be like this.

    In an article (here) written only 2 months ago, Henry sounds like he is still in charge and making some minor changes. He paints a completely different picture to that which Chapter 11 and ousting the CEO at the demands of the banks and investors makes it appear.
  • nicholaspaulnicholaspaul Posts: 891Member
    Good grief. I can’t imagine I’d ever get a bonus equal to 75% of my salary for doing my job. “Thanks for saving us money, here, have a chunk of it...”
    Mad.
  • MegiMegi Posts: 7,117Member
    Not quite as I thought then, oh well. The money involved does seem a bit obscene. I do really wish Gibson well though, they've been through tough times, and made a fair few mistakes it seems, but it's hard to imagine the guitar world without that brand there. I did have a quick leaf through that Henry J interview in Guitarist, I now remember - in Tesco, and thought "what a load of *^%*£^!" - I didn't feel inclined to buy the magazine given what was in it...
  • MegiMegi Posts: 7,117Member
    I wish them well, as previously stated. Found this article re the new CEO

    https://rollingstone.com/music/music-news/gibson-guitars-james-curleigh-new-ceo-745785/

    He talks about how the company will emerge from the bankruptcy process with a clean balance sheet on 1st November - nice fresh start and all that. Which I find a bit wrong in a way, to be honest - should it be quite so easy to write off debt? And we've already heard about the golden goodbye for Henry J - all seems a bit lacking in the responsibility/consequences department. But perhaps I'm not understanding everything properly.
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