Chapter 643： CEO abdicates

"I won't say any more. Our CEO Mr. Anderson has said enough. I will mainly talk about what it can bring to Delta Air Lines."

Yang Cheng put one hand in his pocket, and one hand held up the topic to talk freely. He seemed very relaxed and casual. At the same time, he secretly scorned Richard Anderson and disliked him for talking too much.

In accordance with the pre-prepared process, Yang Cheng will be responsible for describing the recent series of Delta Air Lines' investment projects led by him, all of which are designed to make shareholders and stock brokers realize that the new major shareholder is capable of helping Delta Air Lines Bring about change.

As a result, through these media and the live broadcast of the Toutiao app, countless investors who followed this press conference were informed of a series of acquisitions by Delta Air Lines, Hawaiian Airlines, Hawaiian Island Air; strategic cooperation with Eastern Airlines and Korean Air’s strategy investment.

One by one, everything is good news to stimulate the stock price rise. By the end of the press conference, in just two hours, Delta's stock price has risen by nearly 10%, from the opening $30 to nearly At $33, the trading volume is shrinking rapidly at the same time. What does this mean? Anyone with a little common sense knows that everyone is not stupid. It is clear that the market outlook continues to be bullish. Who is willing to sell easily?

Thanks to the purchase of aviation kerosene from Abramovich and Konrad Koch for several consecutive months, operating costs continued to fall, and net profits rose year-on-year. When the financial reports for the first two quarters of 2015 were announced, Delta Air Lines became a U.S. stock market this year. One of the star stocks in the market, in just over two months after the press conference, the share price per share has risen from 30 US dollars to 49 close to 50 US dollars.

In other words, in just over two months, Yuanshan Capital and Yang Orange have made a total of nearly 5 billion US dollars in paper wealth, which has almost recovered most of the investment costs. Of course, it is on paper. In this way, after all, Yuanshan and Yang Cheng did not have the idea of ​​selling for cash.

The major financial media also gave a very high evaluation of the Yang family's investment, and they praised it as a textbook-level investment case.

After spending two tables, the stock price will take some time to rise. We still focus on the present.

After the press conference, the Delta Air Lines executives and Yang Cheng, the new executive director, who attended the press conference did not leave. Instead, they came to Yang Cheng's office on the top floor and prepared to continue in-depth exchanges.

Of course, everyone has their own ghosts. Yang Cheng thought about how to get Richard Anderson to retire and take the initiative to resign from the CEO position. Richard Anderson was anxious, first, he was afraid that Yang Cheng would take advantage of major shareholders. His identity forced him to resign, and he had almost no room for resistance. Second, he was afraid that Yang Cheng would fall into trouble, and he would be held accountable for his'insolent speech' at the press conference.

Yes, Richard Anderson is very aware of what he did at the press conference. It is easy to cause Yang Cheng’s strong dissatisfaction, but there is no way. This is the only thing he can do. He hadn’t thought about interacting with new major shareholders before. There was friendly communication, but neither Yuanshan nor Yang Cheng himself accepted this request. The reason was that Richard Anderson's biggest failure during his reign was to invest in the trainer refinery!

Sometimes it’s like this. You’re doing 10,000 good deeds, it’s not worth the impact of a mistake. Yang Cheng is willing to admit his management talent, but he is very resistant to his performance in the overall strategic view. This is more than that, if he Being able to recognize the mistakes and wake up in time is not impossible to give him a second chance, but he obviously doesn't want to admit his faults, and would rather cheat to enrich his vanity, which in Yang Cheng's view is a big taboo in managing the enterprise.

Therefore, in any case, such a person cannot stay, otherwise it will be a problem for breeding tigers, leaving leeches sticking to the skin to **** their own blood.

In the small conference room next to Yang Cheng's office, the two sides had a serious discussion about this issue.

Sitting at the top of the long table made of tempered glass, Yang Cheng led the conversation with an extremely strong posture. "Richard, have you still refused to admit your decision-making mistakes in the refinery project?"

Richard Anderson suppressed his anxiety and pretended to be calm and explained, "Mr. Yang, I am afraid that we have misunderstood our understanding of the refinery project. Please allow me to explain in detail."

Yang Cheng raised his hand and motioned him to continue saying that there is still a lot of tolerance for people, wouldn't it be too much to say nothing? Besides, he also wanted to hear what the old guy could say.

"In fact, as early as 2012, Delta Air Lines already had a huge jet fuel logistics system with storage and pipeline transportation capabilities, as well as a team of energy futures traders.

We believe that restarting the trainer refinery can inject a large amount of jet fuel into the entire aviation market. Therefore, this is a smart way to reduce jet fuel prices in the entire Northwest region.

Most importantly, we never wanted to make it a money-making machine, but to use it to guarantee supply.

From this point of view, our goal has been achieved. The trainer factory has indeed stabilized the jet fuel price for Delta Airlines. "

Hearing this, Yang Cheng couldn’t help interrupting, “But don’t forget that not only we, but all the airlines in New York and Philadelphia are also beneficiaries. From your perspective, acquiring oil refineries is not so much The selfless act is better to say that Delta Air Lines is donating money and investing in rivals.

In addition, we can purchase 3-4 brand new Boeing 787 passenger planes. Don’t think that I have not investigated. "

With a cold snort, he took a stack of documents from Susu behind him and threw it towards Richard Anderson. He sneered and said, "In 2012, Delta Air Lines invested US$180 million to modernize the factory—the result was A loss of 63 million USD;

In 2013, the company added another US$52 million in investment—the result was a loss of US$116 million.

Because the trainer's factory does not have the ability to mix ethanol into its own gasoline, in order to meet federal regulations, Delta Air Lines must spend millions of dollars every year to purchase so-called "hybrid credits" from ZF (Delta Air Lines is requesting this policy to the United States The Environmental Protection Agency (EPA) was defeated in the legal challenge). "

These piles were picked out by Yang Cheng one by one and became the last straw to overwhelm Richard Anderson. He knew that his career at Delta Air Lines was about to come to an end. Yang Cheng had found such details. The details, then the evidence that he used to make false accounts to cover up his negligence, I am afraid it is already in Yang Cheng's hands.

However, he was really wrong about this point. The fake account was made seamless. It was Yang Cheng who had spent a huge price and did not have any real evidence. In other words, if Richard Anderson had a tough mouth, Yang Cheng really had nothing to do with him. Without evidence, the effective way of law would be lost, and Yang Cheng was helpless.

Therefore, in order to completely extinguish Richard Anderson's dim gaze, Yang Cheng's pressure continues, "In addition, your hopeful step of using the US oil boom to make money is also extremely difficult, right?

The trainer factory has been processing Nigerian oil, which is priced according to the Brent index, and the oil from the Beiken oil field in North Dakota can completely replace Nigerian oil. You immediately realized the price difference. In 2012, the price of this oil A barrel is $20 cheaper, mainly because there are no crude oil pipelines between the Bacon Oilfield and Philadelphia.

Therefore, transportation has become a difficult problem. For this reason, Delta Air Lines under your leadership must resort to rail transportation. This method of transportation costs about $15 per barrel. Although it swallows most of the difference between the two crude oils, it is still It's worth it, you're doing pretty well from this point.

However, the use of this transportation method for a large amount of American oil has caused a very tight railway capacity, and the lack of transportation has caused a shortage of one million barrels of crude oil in the trainer plant for nearly two months.

In this case, you have to make up for it, put your hope on the sea, and directly lease an oil tanker to transport crude oil from the Gulf Coast of Texas to the trainer. In order to get rid of the predicament of being restrained, An order for the construction of a new oil tanker was also issued.

But at the same time, oil prices have been plummeting, and the price difference between Nigerian crude oil and Bacon oil field crude oil has almost disappeared, and all your previous efforts have become futile.

Even so, you are still trying to whitewash the trainer factory. After investing about 40 million U.S. dollars in this factory in 2014, you said at an earnings conference in December that the trainer factory will be profitable in the fourth quarter because The price of jet fuel is not falling as fast as the price of crude oil It is ridiculous. When you say this, I am afraid that these meagre profits will disappear, right?

With such a high inventory of refined petroleum products, the decline in jet fuel prices has gradually caught up with the decline in crude oil prices. U.S. refining profits will decrease from US$17 per barrel in the first quarter of 2014 to a mere US$7.5 this year.

This is really a disaster. Rather than relying on your own refinery to save costs, it is better to hedge from other fuels. Your plan has completely failed. Richard, admit it, you continue to rely on it. Not only did the trainer refinery fail to save the company’s expected costs, but it added losses of up to one billion US dollars. Fortunately, our profitability continued to increase. Otherwise, just one of your decision errors could lead to the entire company’s The funding system collapsed and even went bankrupt. "

Yang Cheng's last words blasted directly on Richard Anderson's heart like a mallet.

His eyes were dull, his complexion flushed, and his breath was disturbed, all of which showed that Richard Anderson was on the verge of collapse.

Yang Cheng accepts it as soon as he sees it. The words have been said. The rest is up to Richard Anderson's own choice. If he is still stubborn, Yang Cheng will really have to face him in court, even if not. There is real evidence, but at least it can keep him away from the management position. Without income, he will be dragged to death even if he is delayed.

At this time, the former chairman of the board of directors who had been silent and could be regarded as Richard Anderson’s nobleman, Gerald Greenstein, said, "Richard, all these years, you have worked hard for Delta Air Lines. In my eyes, it’s time to retire and take care of life!"

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