Corporate team with little field experience, generally clueless to (nor do they actually care to understand) how their reporting requirements impact the business units. 200-300+ slide PowerPoint presentations are the norm with endless hours spent by the BU leadership team "perfecting" them.... These distractions leads to lack of growth to which the Corporate team responses with continual, year after year of restructuring to meet (or nearly meet) street expectations. By way of example, the excerpt below is from Crane's most recent SEC filing:
"In 2015, we recorded pre-tax restructuring charges and related costs of $11 million, substantially all of which was related to the repositioning activities in our Fluid Handling and Aerospace & Electronics segments. In 2014, we recorded pre-tax restructuring charges and related costs of $33.0 million, of which $22.7 million was related to the repositioning activities in our Fluid Handling and Aerospace & Electronics segments and $10.3 million was related to the acquisition of MEI"
Seems to never end..................
The change in leadership at the top is another major issue at Crane. Eric Fast was well respected by Crane employees and showed great respect for all. He was tough but fair, listened didn't tell and you could always rely on his word. Unfortunately, this is not the case with the current CEO.
