When we decided to pause our CEO search at TIS because we wanted to broaden our recruitment exercise to include international (i.e. US) talent given the new US/FDA-focus of the business, we knew it would raise negative speculation from retail shareholders. From the reaction that we got, you’d almost think that shareholders would prefer some kind of an ASX retread, rather than fresh talent worthy of a world-class wound-care product. But in the interest of being transparent and keeping the bullshit factor to a minimum, we just told it how it is.
Not so Resonance Health (ASX : RHT).
I am very grateful for Long Tail readers for the little pearls that they send my way – after all, it’s not possible to canvass every disclosure and every annual report. This one came through to me from RHT’s most recent annual report (page 6) and I just had to share:
Following the resignation of Ms Liza Dunne, the company announced it would search for a new managing director but we have since decided to operate the company through a different management model. Whilst not strictly following a Dual Board system, the board function has adopted a duality through regular management meetings bringing the senior managers of the organisation together with the Australian based board members to drive the business and to discuss and resolve issues as they present, coupled with the usual governance and strategic function undertaken by the full board. This integration of management and board has improved communication through the organisation and provided growth and leadership opportunities for our staff.
… and …
Resonance Health draws a lot of similarities with the German concept of “Mittelstand” companies; the so-called “hidden champions”. We are a small, highly focussed company targeting the non-invasive measurement of liver iron, fat and fibrosis with an aim to extend the reach of our technology into other organ systems, employing highly talented individuals and using lean processes.
This is pure genius and I am kicking myself for not coming up with this gem. I mean, I’m half frickin’ German and you would have thought that I could have come up with something as brilliant as this. But alas, I did not.
Deutschland für immer*, er…. mate!