Inquirer exec: Company at ‘a breaking point’
|By David Sell, The Philadelphia Inquirer|
|McClatchy-Tribune Information Services|
"On my first day, I could tell I inherited an organization that was dysfunctional, decimated and disheartened," said
Loesch was called by lawyers for the ownership group led by
The two groups of IGM owners say they want to bid for control of the company, but each have proposed a different format auction to Vice Chancellor
Loesch told Parsons that he came to IGM after Norcross persuaded him in
The two men had met on the tennis court 10 or 12 years ago, Loesch said. Besides running an insurance brokerage firm and being a
Loesch said that as an executive at Campbell, he got to know Norcross through various civic events that involved Cooper and Campbell, but said they have no other business dealings and have not hosted each other's families for dinner.
Loesch said he arrived a bit early on his first day of work at approximately
He likened the IGM business operation to the
"I had to terminate 10 underperforming personnel," Loesch said. "I needed to rebuild the organization."
Norcross testified Monday that shortly after buying the company, he and Katz were dismayed to learn that revenue projections for that month were dramatically lower than what Norcross said he was led to believe before buying IGM.
The attorneys for Katz and Lenfest declined to cross examine Loesch. Those owners are also scheduled to testify Tuesday. The hearings could last through Thursday, and Parsons may rule as soon as next week.
IGM employs about 1,800 people at the Inquirer,
(c)2014 The Philadelphia Inquirer
Visit The Philadelphia Inquirer at www.philly.com
Distributed by MCT Information Services