The board of directors at Trade Centre Limited, the quasi-public agency that puts on events in hopes of bringing tourists to Nova Scotia, recently “declined” to renew CEO Fred MacGillivray’s contract. Which apparently was enough to get the Chronicle-Herald to give MacGillivray a long-sloppy good-bye kiss in way of an softball interview with no analysis whatsoever, allowing MacGillivray to drop this whopper:
I depart from my role with a very positive feeling that I leave the business of Trade Centre Ltd. in great shape. This past year has been our most successful year in our history.
That assertion when completely unchallenged by reporter Bruce Erskine, but it flies in the face of TCL’s own annual report (screenshot of page 15):
As you can see, TCL lost $2,150,467 in the 2007-08 fiscal year, the biggest deficit in its history. Those numbers came out in May, resulting in a wave of lay-offs of vice-presidents and a move to show MacGillivray the door, but not before handing him an $800,000 pension (nothing is rewarded like failure in the business world; see: bailout of Wall Street).
That’s a heck of a banner year, Fred.
This article appears in Jan 29 – Feb 4, 2009.
The figures you are referencing are for fiscal 2007, ending March 31, 2008, which is not the year Fred MacGillivray is referring to.
I believe the fiscal year he is referring to in his comment is fiscal 2008, which ends next month on March 31, 2009. Those numbers are not in yet .