Roger H Ballou - Legacy for CDI Corporation
Roger H Ballou was CEO of CDI Corporation from October 2001 until January 2011
He leaves CDI Corporation with a legacy of disgraceful ethical standards and poor performance of the company under his stewardship as CEO.
- Ballou presided over years of misrepresentation within the MRINetwork franchise, a subsidiary of CDI Corporation.
- CDI Corporation stock price under performed against the New York Stock Exchange during his time in charge.
- Ballou refused to address the ethical problems and simply stuck his head in the sand.
- Roger H Ballou lied to CDI Corporation shareholders and his lies were caught on record
Look at the facts on these and other issues and judge for yourself.
Roger H Ballou Legacy
CDI Corporation Ethics have been severely damaged by under the stewardship of Roger H Ballou. Look at the facts:
Deception, lies and misrepresentation
For years MRINetwork, a subsidiary of CDI Corporation, deceived its own franchisees and clients alike. They portrayed a person as a regular MRINetwork franchisee for years after his franchise agreement had expired. That person Mr JW, was not paying any Royalty fees and was in growing and massive debt. MRI Network actively encouraged other real MRINetwork franchisees to inter work with him. When they knew I, as a real franchisee, had started to inter work with Mr JW, their senior manager Steve Mills actually congratulated me in doing so. It probably came as no surprise to them that Mr JW defaulted on paying money to me that he owed in the same way that he had been defaulting on paying money to them for years.
What followed these years of deception was a shocking display of unethical practices by CDI Corporation and its subsidiary MRINetwork that included:
- Coercion by Steve Mills in an attempt to force me to agree to a get-out clause for MRINetwork's negligence.
- Lies by Steve Mills to his own management in CDI Corporation
- Lies by Joseph R Seiders Senior Vice President, General Council and Secretary of CDI Corporation. He made these false and misleading statements whilst on oath giving an affidavit.
- Sidestepping of a formal complaint where Joseph Seiders failed to address any one of the issues being raised
- Lies by Steve Mills on oath
- Lies by Roger H Ballou to CDI Corporation shareholders. See addition comments below.
- Ballou's inept ability to face up to and address the problems that were brought to his attention.
All other the above issues (and more) are detailed within this web site
Roger H Ballou Ethics
All companies have an ethical standard. Whilst that standard may vary from company to company, it is a position that is set and delivered by example from the top of that organisation. Whilst CDI Corporation had a fine set of ethical statements in their literature, unfortunately Roger Ballou flouted these. In my opinion, when the man at the top of the organisation has poor ethical standards, that ethos will percolate through the rest of the company.
Roger H Ballou lies
Ballou is a liar. He was caught on record lying to CDI Corporation shareholders at one of his quarterly financial reviews. This fact has been brought to his attention and yet he chose to ignore it and let his bare faced lies stand. That is the caliber of the this man. He has repeatedly stuck his head in the sand and tried to ignore this and other ethical issues. Read Roger H Ballou's lies.
CDI Corporation's performance in Ballou's stewardship
Did Ballou do well for the stock value of CDI Corporation during his time as CEO? The answer is no!
When Ballou first joined CDI Corporation in October 1st 2001 the stock price was $15.75 US Dollars
When Ballou left CDI Corporation on January 3rd 2011 the stock price was $18.84 US Dollars
So what we have here is a stock price increase of $3.09 Dollars. Bearing in mind that this period was almost 10 years, that equates to very close to an average 2% increase each year. (less if you take it as a compound interest rate).
Over the same period, the New York Stock Exchange average increase was greater than this. But put another way, investors were likely to get a greater return on investment by simply putting their money into a Bank savings account over the same period.
In conclusion to all of the above, Ballou has left CDI Corporation with a disgraceful legacy. He has under performed on the stock price against the averages within the NYSE. But in my opinion he has done massive damage to the credibility of CDI Corporation and their subsidiaries. His inability to face up to known errors was a characteristic that defines him. This was shown in his bare faced lies that are now a matter of record. Ballou has now gone, but the damage that he created for CDI Corporation remains.