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I cannot agree with you that Rakon is a company with ‘immense potential’. I did think that 52 years ago when I, as a new immigrant but with significant experience of genuine high technology engineering in the USA, visited Rakon to enquire about employment prospects. They were simply not interested – I felt that they just did not want an outsider coming in who knew more than the Robinson family did about the microelectronics business. No problem; the next week I was offered a much better job with Philips NZ. Then, 17 years later I was appointed Chief Legal Advisor to a large NZ Government department.
Since 1973 I’ve watched Rakon very slowly expand, then crash through Chinese perfidy which more mature management should have avoided; NZ had experienced similar problems with other NZ/China entanglements such as involving Lion Breweries. Other NZ companies, not necessarily technological, such as Mainfreight, Ebos and Infratil have expanded, including overseas, far more successfully than Rakon, over just the past 30 years, whereas Rakon have been in the game for over 50.
The difference is clearly in quality of Boards of Directors, especially at the top level. But, a family-owned company has the right to determine its own destiny – until it becomes a public company traded on the open sharemarket.
Great to get this insight Brian – thank you. Your last comment strikes at the heart of our concerns related to the evolution of governance/management/shareholder relationships as a company matures.
Hi, Oliver. Great that you approved my last night’s letter. Buy could you now please amend ’15 years’ to ’17years’ – important to be 100% accurate in such a matter. Thanks, Brian
4 Responses
I cannot agree with you that Rakon is a company with ‘immense potential’. I did think that 52 years ago when I, as a new immigrant but with significant experience of genuine high technology engineering in the USA, visited Rakon to enquire about employment prospects. They were simply not interested – I felt that they just did not want an outsider coming in who knew more than the Robinson family did about the microelectronics business. No problem; the next week I was offered a much better job with Philips NZ. Then, 17 years later I was appointed Chief Legal Advisor to a large NZ Government department.
Since 1973 I’ve watched Rakon very slowly expand, then crash through Chinese perfidy which more mature management should have avoided; NZ had experienced similar problems with other NZ/China entanglements such as involving Lion Breweries. Other NZ companies, not necessarily technological, such as Mainfreight, Ebos and Infratil have expanded, including overseas, far more successfully than Rakon, over just the past 30 years, whereas Rakon have been in the game for over 50.
The difference is clearly in quality of Boards of Directors, especially at the top level. But, a family-owned company has the right to determine its own destiny – until it becomes a public company traded on the open sharemarket.
Great to get this insight Brian – thank you. Your last comment strikes at the heart of our concerns related to the evolution of governance/management/shareholder relationships as a company matures.
Hi, Oliver. Great that you approved my last night’s letter. Buy could you now please amend ’15 years’ to ’17years’ – important to be 100% accurate in such a matter. Thanks, Brian
Amended to 17 years. Only reason for the approval process is due to the incidence of ‘spam’ posts –> would rather have a free-er process!