How big a cost blow out before you sack the C.E.O.?

$500k blowout due to ‘oversight’

Any rise on $500,000?

Budget BlowoutManagement oversight and lack of detailed financial reporting led to Venture Hawke’s Bay’s (VHB) unexpected deficit, Regional Council CEO Andrew Newman said.

The regional tourism organisation reported a $495,000 deficit to Hawke’s Bay Regional councillors last month.

VHB reserves could cover $250,000 of the deficit and the council was asked to use $250,000 from cash reserves to cover the rest of the deficit. Councillors asked for details about the organisation’s budget and spending before making any decision. Hawke’s Bay regional councillors will decide today how to cover the extra deficit.

How about the Regional Council start by sacking the CEO? Then start moving through the rest of the organisation.

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