CFO's resignation

[Fullflaps]

Any thoughts on why would a long time Porter CFO would resign now while the company is in the middle of a huge expansion and throwing millions of dollars left and right ? After 14 years or so, what didnt he like all of a sudden about the numbers to the point of raising the white flag ?

[goingnowherefast]

Somebody else offered him more money?

30 turboprops expanding to a fleet of 130 mostly jets is maybe out of his element and expertise?

Not always negative.

[Scantron]

Looks like he’s going to Chartwell retirement.

https://s23.q4cdn.com/371771841/files/d ... -final.pdf

It’s a bit strange that in the last year or so the COO stepped down, the DFO was let go and now the CFO is moving on…

[CaptDukeNukem]

Looks like he’s going to Chartwell retirement.

https://s23.q4cdn.com/371771841/files/d ... -final.pdf

It’s a bit strange that in the last year or so the COO stepped down, the DFO was let go and now the CFO is moving on…

Why is that weird? People make their choices and sometimes companies make it for them. This is the case with all board members. Including cabinet ministers. They constantly shuffling that, I can barely keep track.

Whatever the reason for his departure, the expansion is still pedal to the metal. I doubt this will slow it down. Or change much, really

[cjp]

Looks like he’s going to Chartwell retirement.

https://s23.q4cdn.com/371771841/files/d ... -final.pdf

It’s a bit strange that in the last year or so the COO stepped down, the DFO was let go and now the CFO is moving on…

Why is that weird? People make their choices and sometimes companies make it for them. This is the case with all board members. Including cabinet ministers. They constantly shuffling that, I can barely keep track.

Whatever the reason for his departure, the expansion is still pedal to the metal. I doubt this will slow it down. Or change much, really

They already have someone else earmarked for the role I would imagine.

[withaflash]

Don’t get distracted.

Porter partners and does sale/leaseback transactions with some of the world’s largest Lessors who has credit risk departments the size of your dispatch. They happy with the balance sheet, don’t worry.

[flyinhigh]

Any thoughts on why would a long time Porter CFO would resign now while the company is in the middle of a huge expansion and throwing millions of dollars left and right ? After 14 years or so, what didnt he like all of a sudden about the numbers to the point of raising the white flag ?

Sry, someone moving on is a white flag???

You must have thought Westjet was doomed when they let Saretsky go than.

[ashtray]

Any thoughts on why would a long time Porter CFO would resign now while the company is in the middle of a huge expansion and throwing millions of dollars left and right ? After 14 years or so, what didnt he like all of a sudden about the numbers to the point of raising the white flag ?

Sry, someone moving on is a white flag???

You must have thought Westjet was doomed when they let Saretsky go than.

The CFO's resignation IS likely a red flag. Porter lost a major lawsuit earlier this year and is on the hook to pay JP Morgan about $130 million. Porter has also been doing sale/leasebacks on their Q400s to raise cash. The fact that Porter hired Seabury out of NYC as a placement agent for E190 sale/leasebacks suggests leasing companies are not competing for Porter's business. Aircraft leasing rates have increased significantly over the last couple years, and with Porter's (up to) $270 million LEEFF facility at increasingly unfavourable interest rates (in each subsequent year), unanticipated increases in pilot costs, and other unforeseen costs associated with rapid expansion, all these factors are putting considerable financial pressure on Porter. The CFO resigned from Porter to work at Chartwell Retirement Residences.

[braaap Braap]

Looks like he’s going to Chartwell retirement.

https://s23.q4cdn.com/371771841/files/d ... -final.pdf

It’s a bit strange that in the last year or so the COO stepped down, the DFO was let go and now the CFO is moving on…

Why is that weird? People make their choices and sometimes companies make it for them. This is the case with all board members. Including cabinet ministers. They constantly shuffling that, I can barely keep track.

Whatever the reason for his departure, the expansion is still pedal to the metal. I doubt this will slow it down. Or change much, really

Just curious what sort of dosage routine they have you on? Daily? Twice daily? All that Kool-aid is going to put you at a higher risk of the diabetes.

[8895]

Any thoughts on why would a long time Porter CFO would resign now while the company is in the middle of a huge expansion and throwing millions of dollars left and right ? After 14 years or so, what didnt he like all of a sudden about the numbers to the point of raising the white flag ?

Sry, someone moving on is a white flag???

You must have thought Westjet was doomed when they let Saretsky go than.

The CFO's resignation IS likely a red flag. Porter lost a major lawsuit earlier this year and is on the hook to pay JP Morgan about $130 million. Porter has also been doing sale/leasebacks on their Q400s to raise cash. The fact that Porter hired Seabury out of NYC as a placement agent for E190 sale/leasebacks suggests leasing companies are not competing for Porter's business. Aircraft leasing rates have increased significantly over the last couple years, and with Porter's (up to) $270 million LEEFF facility at increasingly unfavourable interest rates (in each subsequent year), unanticipated increases in pilot costs, and other unforeseen costs associated with rapid expansion, all these factors are putting considerable financial pressure on Porter. The CFO resigned from Porter to work at Chartwell Retirement Residences.

They aren’t doing sale leasebacks on the Q’s lol no idea where you got that from. They got the E2’s dirt cheap so they’re getting a ton of up front liquidity on those sale leaseback transactions. Considering they’re building up saint Hubert (no idea if I even got the spelling right), building more facilities in YOW, and just expanding in general, I can’t really think of a better way to finance those endeavours. Until I see loads that suggest the operation is failing I’ll just continue laughing at these kind of comments.

[CaptDukeNukem]

Looks like he’s going to Chartwell retirement.

https://s23.q4cdn.com/371771841/files/d ... -final.pdf

It’s a bit strange that in the last year or so the COO stepped down, the DFO was let go and now the CFO is moving on…

Why is that weird? People make their choices and sometimes companies make it for them. This is the case with all board members. Including cabinet ministers. They constantly shuffling that, I can barely keep track.

Whatever the reason for his departure, the expansion is still pedal to the metal. I doubt this will slow it down. Or change much, really

Just curious what sort of dosage routine they have you on? Daily? Twice daily? All that Kool-aid is going to put you at a higher risk of the diabetes.

Dude. Go work at jazz for a couple years. Then come back and tell me how refreshing working for an airline who is in the midst of expanding.

You’re just butt hurt that you’re still flying to Newark and back below FL250.

[PropDog]

Why is that weird? People make their choices and sometimes companies make it for them. This is the case with all board members. Including cabinet ministers. They constantly shuffling that, I can barely keep track.

Whatever the reason for his departure, the expansion is still pedal to the metal. I doubt this will slow it down. Or change much, really

Just curious what sort of dosage routine they have you on? Daily? Twice daily? All that Kool-aid is going to put you at a higher risk of the diabetes.

Dude. Go work at jazz for a couple years. Then come back and tell me how refreshing working for an airline who is in the midst of expanding.

You’re just butt hurt that you’re still flying to Newark and back below FL250.

Hey I’ll have you know I do Newark and back AT FL250.

[PropDog]

Just curious what sort of dosage routine they have you on? Daily? Twice daily? All that Kool-aid is going to put you at a higher risk of the diabetes.

Dude. Go work at jazz for a couple years. Then come back and tell me how refreshing working for an airline who is in the midst of expanding.

You’re just butt hurt that you’re still flying to Newark and back below FL250.

Hey I’ll have you know I do Newark and back AT FL250.

Well….maybe not back because that’s West but you know….

[braaap Braap]

Dude. Go work at jazz for a couple years. Then come back and tell me how refreshing working for an airline who is in the midst of expanding.

You’re just butt hurt that you’re still flying to Newark and back below FL250.

I'm sorry your previous employer didn't provide a great environment for you.


But, ya sure I'm a little "butt hurt" that:

• my career progression is being held up while the door - that was originally "Just a few DECs to get the training program going" - continues to be left wide open. Instead of putting the resources towards attracting DEC D8 CAs and creating an orderly flow they just keep handing out special favours (YUL "base"

• Or that they continue to move goalposts because the "FOAG is so good and flexible" meanwhile we're coming up on 2 years without Trades, Drops, Swaps working effectively (as an example).

• Or that they booted the DFO - who I credit for producing the great culture and work/life balance we have.

• Or that our good culture and work rules are being dismantled because we now have an X-AC guy leading the Crew Planning/Scheduling side of things and he thinks the rules AC as are awesome (Spoiler: They're not - Thanks ACPA!)

• Or that we had a stable executive suite for years and now they're jumping ship while we lack critical merger/acquisition or scope protections

And then I come on here and every thread, topic, and discussion has Porter's #1 Cheerleader spreading rainbows and unicorns with no apparent ability to look at things objectively and recognize that this place is losing what made it special in its quest to grow.

[CaptDukeNukem]

Dude. Go work at jazz for a couple years. Then come back and tell me how refreshing working for an airline who is in the midst of expanding.

You’re just butt hurt that you’re still flying to Newark and back below FL250.

I'm sorry your previous employer didn't provide a great environment for you.

Sounds like your current employer isn’t providing you with a great environment either. Sorry to hear that.

I left jazz. Why do you stay where you’re unhappy?

[ashtray]

Sry, someone moving on is a white flag???

You must have thought Westjet was doomed when they let Saretsky go than.

The CFO's resignation IS likely a red flag. Porter lost a major lawsuit earlier this year and is on the hook to pay JP Morgan about $130 million. Porter has also been doing sale/leasebacks on their Q400s to raise cash. The fact that Porter hired Seabury out of NYC as a placement agent for E190 sale/leasebacks suggests leasing companies are not competing for Porter's business. Aircraft leasing rates have increased significantly over the last couple years, and with Porter's (up to) $270 million LEEFF facility at increasingly unfavourable interest rates (in each subsequent year), unanticipated increases in pilot costs, and other unforeseen costs associated with rapid expansion, all these factors are putting considerable financial pressure on Porter. The CFO resigned from Porter to work at Chartwell Retirement Residences.

They aren’t doing sale leasebacks on the Q’s lol no idea where you got that from. They got the E2’s dirt cheap so they’re getting a ton of up front liquidity on those sale leaseback transactions. Considering they’re building up saint Hubert (no idea if I even got the spelling right), building more facilities in YOW, and just expanding in general, I can’t really think of a better way to finance those endeavours. Until I see loads that suggest the operation is failing I’ll just continue laughing at these kind of comments.

"They aren’t doing sale leasebacks on the Q’s lol no idea where you got that from."

https://www.ch-aviation.com/portal/news ... ease-backs

"They got the E2’s dirt cheap so they’re getting a ton of up front liquidity on those sale leaseback transactions."

For "upfront liquidity' Porter is introducing a third party into its cost structure. Selling/leasing-back airplanes to pay off debt is what poorly capitalized airlines do.

"Considering they’re building up Saint Hubert" Porter is, or is it Macquarie Asset Management who will own the terminal?

https://www.macquarie.com/au/en/about/n ... minal.html

[braaap Braap]

Dude. Go work at jazz for a couple years. Then come back and tell me how refreshing working for an airline who is in the midst of expanding.

You’re just butt hurt that you’re still flying to Newark and back below FL250.

I'm sorry your previous employer didn't provide a great environment for you.

Sounds like your current employer isn’t providing you with a great environment either. Sorry to hear that.

I left jazz. Why do you stay where you’re unhappy?

Don't get me wrong, I'm overall happy here. Plus I have the opportunity to realize a seniority event that is a once in a career opportunity. I'm trying not to be short sighted and throw all that away. I just think it's important to recognize all sides and work within our spheres to improve what we can.

I apologize for being critical of your viewpoints

[CaptDukeNukem]

I'm sorry your previous employer didn't provide a great environment for you.

Sounds like your current employer isn’t providing you with a great environment either. Sorry to hear that.

I left jazz. Why do you stay where you’re unhappy?

Don't get me wrong, I'm overall happy here. Plus I have the opportunity to realize a seniority event that is a once in a career opportunity. I'm trying not to be short sighted and throw all that away. I just think it's important to recognize all sides and work within our spheres to improve what we can.

I apologize for being critical of your viewpoints

Spoken like a true Canadian.

I’m sorry too. Beers?

[braaap Braap]

That's what the WheatSheafs for!

[cjp]

That's what the WheatSheafs for!

Next two classes coming up here soon. Who's picking up the tab this time?

[dontcallmeshirley]

For "upfront liquidity' Porter is introducing a third party into its cost structure. Selling/leasing-back airplanes to pay off debt is what poorly capitalized airlines do.

I'm pretty sure that Onex era WestJet went that route... seems to be working for them so far.

[CaptDukeNukem]

That's what the WheatSheafs for!

Sure is. Lol

[Realitychex]

Take a look at the situation from 30,000 feet.

Here's where WS was at the end of 2000, (58 months into the program) with virtually the same size fleet as Porter's E2 operation after, what 5 months?

https://www.annualreports.com/HostedDat ... A_2000.pdf

Read the President's message.

WS was humming along, making money hand over fist with industry leading operating margins and a share price that was making some call center agents millionaires.

It was a fun time to be at WJ, especially for senior management. The sky was the limit, suppliers, air framers, the financial community, indeed everyone was tripping over themselves to hitch their wagons to the WJ money machine.

Dig deep in the back pages of the Annual Report and you can see that it was in this period that serious personal wealth was created by senior management cashing in on both stock options and performance shares. The rank and file did extremely well too, especially those who partook in the share purchase program pre-ipo, buying stock that was matched dollar for dollar by the company.

Given this situation, there was simply no way any long serving senior executive with a typical executive compensation package, (which would be much richer today than they were 25 years ago), would simply walk away from this personal wealth making machine that would easily set them for life to go to an established public REIT that specializes in senior living such as Chartwell, with minimal long term upside. Sure, there'd be a decent salary, but serious wealth isn't created by salary in this, (or that), day and age. The money is in stock, be it public or notionally public. And when you leave, those options disappear PDQ.

WS's CFO at the time, (and who I maintain was one of the best CFO's in the business), made millions from his compensation package in this window and has been comfortably retired in PEI for 15+ years without a financial care in the world.

The ONLY reason a CFO would move along at this stage of Porter's massive growth mode, bearing in mind that investment bankers literally pole vault across Bay St and Wall St to hitch their wagons to profitable growth stories, would be the recognition that was simply no chance of the promise of a personal financial windfall occurring within the foreseeable future. With time ticking along, it was time to move to other opportunities that had a fighting chance of fulfilling those personal financial dreams. Overseeing the shelling out of a hefty amount of equity to settle the Nieuport lawsuit a week previously probably didn't inspire much confidence either.

No long serving CFO with any time left on the meter before retirement wants to be anywhere near a restructuring or collapse of a business he / she has overseen for a decade or more.

Why leave when the cash machine was on the verge of putting what should have been at least $10m, and probably significantly more, in his jeans? He probably recognized that the perpetually dangled carrot he'd been chasing for 10+ years was no closer, indeed likely further away than ever before. And as CFO, he'd be in the best position to assess that situation, rather than others who would typically be pumping sunshine to any and all who are prepared to listen.

Best to move along and let the next CFO take the beating.

Sometimes 2 + 2 adds up to 4.

[Fullflaps]

Take a look at the situation from 30,000 feet.

Here's where WS was at the end of 2000, (58 months into the program) with virtually the same size fleet as Porter's E2 operation after, what 5 months?

https://www.annualreports.com/HostedDat ... A_2000.pdf

Read the President's message.

WS was humming along, making money hand over fist with industry leading operating margins and a share price that was making some call center agents millionaires.

It was a fun time to be at WJ, especially for senior management. The sky was the limit, suppliers, air framers, the financial community, indeed everyone was tripping over themselves to hitch their wagons to the WJ money machine.

Dig deep in the back pages of the Annual Report and you can see that it was in this period that serious personal wealth was created by senior management cashing in on both stock options and performance shares. The rank and file did extremely well too, especially those who partook in the share purchase program pre-ipo, buying stock that was matched dollar for dollar by the company.

Given this situation, there was simply no way any long serving senior executive with a typical executive compensation package, (which would be much richer today than they were 25 years ago), would simply walk away from this personal wealth making machine that would easily set them for life to go to an established public REIT that specializes in senior living such as Chartwell, with minimal long term upside. Sure, there'd be a decent salary, but serious wealth isn't created by salary in this, (or that), day and age. The money is in stock, be it public or notionally public. And when you leave, those options disappear PDQ.

WS's CFO at the time, (and who I maintain was one of the best CFO's in the business), made millions from his compensation package in this window and has been comfortably retired in PEI for 15+ years without a financial care in the world.

The ONLY reason a CFO would move along at this stage of Porter's massive growth mode, bearing in mind that investment bankers literally pole vault across Bay St and Wall St to hitch their wagons to profitable growth stories, would be the recognition that was simply no chance of the promise of a personal financial windfall occurring within the foreseeable future. With time ticking along, it was time to move to other opportunities that had a fighting chance of fulfilling those personal financial dreams. Overseeing the shelling out of a hefty amount of equity to settle the Nieuport lawsuit a week previously probably didn't inspire much confidence either.

No long serving CFO with any time left on the meter before retirement wants to be anywhere near a restructuring or collapse of a business he / she has overseen for a decade or more.

Why leave when the cash machine was on the verge of putting what should have been at least $10m, and probably significantly more, in his jeans? He probably recognized that the perpetually dangled carrot he'd been chasing for 10+ years was no closer, indeed likely further away than ever before. And as CFO, he'd be in the best position to assess that situation, rather than others who would typically be pumping sunshine to any and all who are prepared to listen.

Best to move along and let the next CFO take the beating.

Sometimes 2 + 2 adds up to 4.

Quit yapping. The only reason why he left is because he got a better offer, period. Just like any other employee, including you.

[Mac08]

Take a look at the situation from 30,000 feet.

Here's where WS was at the end of 2000, (58 months into the program) with virtually the same size fleet as Porter's E2 operation after, what 5 months?

https://www.annualreports.com/HostedDat ... A_2000.pdf

Read the President's message.

WS was humming along, making money hand over fist with industry leading operating margins and a share price that was making some call center agents millionaires.

It was a fun time to be at WJ, especially for senior management. The sky was the limit, suppliers, air framers, the financial community, indeed everyone was tripping over themselves to hitch their wagons to the WJ money machine.

Dig deep in the back pages of the Annual Report and you can see that it was in this period that serious personal wealth was created by senior management cashing in on both stock options and performance shares. The rank and file did extremely well too, especially those who partook in the share purchase program pre-ipo, buying stock that was matched dollar for dollar by the company.

Given this situation, there was simply no way any long serving senior executive with a typical executive compensation package, (which would be much richer today than they were 25 years ago), would simply walk away from this personal wealth making machine that would easily set them for life to go to an established public REIT that specializes in senior living such as Chartwell, with minimal long term upside. Sure, there'd be a decent salary, but serious wealth isn't created by salary in this, (or that), day and age. The money is in stock, be it public or notionally public. And when you leave, those options disappear PDQ.

WS's CFO at the time, (and who I maintain was one of the best CFO's in the business), made millions from his compensation package in this window and has been comfortably retired in PEI for 15+ years without a financial care in the world.

The ONLY reason a CFO would move along at this stage of Porter's massive growth mode, bearing in mind that investment bankers literally pole vault across Bay St and Wall St to hitch their wagons to profitable growth stories, would be the recognition that was simply no chance of the promise of a personal financial windfall occurring within the foreseeable future. With time ticking along, it was time to move to other opportunities that had a fighting chance of fulfilling those personal financial dreams. Overseeing the shelling out of a hefty amount of equity to settle the Nieuport lawsuit a week previously probably didn't inspire much confidence either.

No long serving CFO with any time left on the meter before retirement wants to be anywhere near a restructuring or collapse of a business he / she has overseen for a decade or more.

Why leave when the cash machine was on the verge of putting what should have been at least $10m, and probably significantly more, in his jeans? He probably recognized that the perpetually dangled carrot he'd been chasing for 10+ years was no closer, indeed likely further away than ever before. And as CFO, he'd be in the best position to assess that situation, rather than others who would typically be pumping sunshine to any and all who are prepared to listen.

Best to move along and let the next CFO take the beating.

Sometimes 2 + 2 adds up to 4.

Hello Jimbo737 from airliners.net that spews the same old garbage that WestJet is gods gift to aviation and everyone else sucks. Get lost.