Tuesday, February 06, 2007

戴爾復出打沉官僚

美國行政高層最喜歡使用而又立竿見影的行政手段就是減成本削人手,寧願忍痛多支付一筆重組費用,去換取較長遠的發展動力。

近日重回經營崗位的Michael Dell,當上戴爾(DELL)行政總裁(CEO)後,立刻向員工開刀,分別採取減少發放紅利和壓縮管理層等成本控制措施。他在發給員工的電郵中指,計劃在未來幾年留在公司,並會取消營運總裁(COO)職位,分紅計劃將被「有限制獎勵」取代,並且將逾20名直接向總裁報告的高層經理人數削減至12人。Michael Dell一針見血道出問題所在:「我們有絕佳的人員,但也有一個新的敵人:官僚主義,耗費金錢,並拖延我們的腳步。」

戴爾過去一年營運表現不佳,遭對手惠普(HP)奪去大片江山,又因帳目問題被美國證監會調查,可謂屋漏更兼連夜雨,相信Michael Dell完全明白當機構膨脹後,營運效益便受影響,這亦是過去數十年美國企業持續發展的一個自然流程,就是在關鍵時刻大刀闊斧,斬去滋生在公司內部的官僚主義文化,簡單而言,就是提升生產力,才能應付競爭。

不過,能否成功尚待考驗,《華爾街日報》一篇分析文章,提出由創辦人出山去拯救公司的種種情況。最經典的當然是喬布斯(Steve Jobs)領導蘋果(Apple)重生。而美國俄亥俄大學費希爾商學院近期便公布一份名為「復出CEO」的研究,發現1993年至2005年期間,在1,500家美國上市大型企業中,共出現65位「復出CEO」,其中28位更是公司創辦人。這些CEO平均年齡61歲,重新出山前已經離職兩年,復出後任期為3年左右。

管理專家認為,創辦人擅於應付挑戰,復出後也容易獲得成功。耶魯大學管理學院副院長傑菲爾德.弗里索倫(Jeffrey Sonnenfeld)認為這類創辦人曾遭遇多次失敗,從中學到很多東西,知道如何扭轉頹勢。

不過,並非所有創辦人都能逢「第二春」,例如以「牛牛」為品牌造型的Gateway創始人Waitt就是一個例子。他於1999年底辭去CEO一職後,公司業績下滑,短短在13個月後便重新出山,可惜未能帶領Gateway走出困境,於2004年再次辭職。繼任者亦無法挽回頹勢,直至2006年首9個月公司出現虧損,股價也下跌20%。

路遙知馬力
有雄厚背景的公司也要看清楚管理質素。如貿易通(536)剛發出盈利警告,話要將投資OnePort的剩餘1,000萬元價值全數減除,對06年12月底業績有不利影響。

這間公司於2005年10月上市,主要提供電子貿易等服務,股東實力嚇一驚,有特區政府、滙豐和電訊盈科(008)。該集團上市後首份業績當然對辦,05年度純利升45%至9,139萬元,原來就是04年度為OnePort這間提供電子貨櫃交收等服務的公司減值4,000萬元,令盈利基礎縮小,才令05年度純利這麼標青,否則分分鐘由升變跌,但招股書內早已披露,投資的話真的是願打願捱!
直至公布06年中期業績更進一步現形,純利即較05年度同期跌1.2%,中期股息亦大減45%。至於今次為OnePort撇帳,主要考慮該項目持續虧損所致,但強調減值屬非經常性,不會對日常業務構成影響。

需注意的是,話雖無影響,但董事會有意調整派息比率以緩和減值對派息的影響,但無提及究竟是調高,或是調低。無論如何,業績肯定受影響,股東們自求多福。該股股價昨日即挫3.9%至1.47元。

(2月6日刊於《am730》)

11 Comments:

At 1:37 AM, Anonymous Raymond said...

Hi,

Could you advise me where I can find a copy of the email that Dell sent to his employee that you mentioned in your blog?

many thanks
Raymond

 
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