Stephen Pearce is a Ram

[angieram]

9 hours ago, Mckram said:

Whilst I would never publicly show I don’t like him, I really don’t like him.

He’s a qualified accountant. He would have known more than anybody else, including Mel Morris, how dire the situation was. His role as CFO was to stop exactly what happened from happening.

If Mel went totally against what he advised then I’d fully expect him to walk out of the club in protest. He could have walked in to another job without any problems at all and the least he could do after it all went bang was sort out the mess.

I’ve worked in a PLC before where I’ve seen the Finance Director walk as they didn’t agree with underhand practices of the company which was forced from the shareholders.

There’s how many businesses that have got absolute peanuts in the pound from Derby as a result of what they did. Those responsible should not be allowed to be a director at another company again.

As I’ve said, I’ll never boo or do anything to cause a negative atmosphere, but he will never be a Ram to me. 

How could he have sorted out the mess if he'd walked? He can't do both.

He did stick around, he appears to be the one who led the loyal staff team through the administration, and he is now determined to prove himself at the same club. That must take guts.

[Crewton]

I'm sure most of you will be aware that there's a huge difference in corporate governance between a PLC and a private company with one dominant all-powerful shareholder. Only Stephen Pearce and those he's confided in know what his motivation was in staying on board through the pre-administration financial meltdown and thereafter, but I doubt self-preservation was a major factor. Resigning would have been the best solution for both his reputation and his health but the fact that he's had praise from both the Administrators and the new owner suggests that they at least believe he acted in accordance with his responsibilities to the creditors, the company and the staff. Maybe he'll get to tell his side of the story in due course. I hope so. 

[Stive Pesley]

Doesn't it all go back much further than the Administration fiasco?

He was CFO during the Sam Rush era

Sam Rush was then dismissed for alleged breach of fiduciary duty. Which means that either Pearce knew about it while it was happening and was therefore complicit or he didn't know about it and therefore was negligent. The fact he came out of that unscathed has always puzzled me.

Then coming out of the past 12 months - also unscathed, puzzles me even more

But I concede that I'm not ITK, nor do I have any say in these matters, so it is what it is

Fair play to him. 

If I had to guess I'd say that his position and singular knowledge of the club's workings have become so entrenched over they years that Quantuma and Clowes quickly realised that they couldn't get on with their jobs without his help

 

 

[rammieib]

43 minutes ago, Stive Pesley said:

Doesn't it all go back much further than the Administration fiasco?

He was CFO during the Sam Rush era

Sam Rush was then dismissed for alleged breach of fiduciary duty. Which means that either Pearce knew about it while it was happening and was therefore complicit or he didn't know about it and therefore was negligent. The fact he came out of that unscathed has always puzzled me.

Then coming out of the past 12 months - also unscathed, puzzles me even more

But I concede that I'm not ITK, nor do I have any say in these matters, so it is what it is

Fair play to him. 

If I had to guess I'd say that his position and singular knowledge of the club's workings have become so entrenched over they years that Quantuma and Clowes quickly realised that they couldn't get on with their jobs without his help

 

 

Well didn't Rush win his case against MM/the Club suggesting that he wasn't in breach of fiduciary duty?

[Stive Pesley]

5 minutes ago, rammieib said:

Well didn't Rush win his case against MM/the Club suggesting that he wasn't in breach of fiduciary duty?

Technically the employment tribunal found him to have been "unfairly dismissed" but that was in respect to his employment rights and the lack of legal due process by the club in sacking him. That was in May 2018 and in the October they settled out of court and put an NDA in place, so we will never know the details. 

However, in the May 2018 statement from SR's solicitor it said 

Quote

The counter-allegations against Mr Rush are entirely without foundation. We would note that many of the payments alleged to be somehow unauthorised had been subject to very detailed due diligence by Mr Morris’ Solicitors when he bought the Club as well as professionally audited by independent auditors, with no concerns being raised at any stage.

“Secondly, Mr Rush had no power to sign off any payments at the Club, with all payments being signed and authorised by the Finance Director.

So the point stands that Pearce was the CFO at the time and signed off on everything that they then claimed was dodgy. He either knew that at the time or he didn't and neither is a good look

 

[Guest]

1 hour ago, Stive Pesley said:

Technically the employment tribunal found him to have been "unfairly dismissed" but that was in respect to his employment rights and the lack of legal due process by the club in sacking him. That was in May 2018 and in the October they settled out of court and put an NDA in place, so we will never know the details. 

However, in the May 2018 statement from SR's solicitor it said 

So the point stands that Pearce was the CFO at the time and signed off on everything that they then claimed was dodgy. He either knew that at the time or he didn't and neither is a good look

 

And Sam Rush stood his ground when Mel Morris crowed that he relished the opportunity to have his day in court with Sam. Morris then settled out of court, paying Sam the full value of his 5% shareholding in Derby County, which I believe amounted to c.£5m on top of the £2m plus that he was awarded by the tribunal. It was Mel Morris as usual choosing a scapegoat for his own follies, as he did with the pay-offs to too many managers appointed by him for terminating their contracts at an early stage. It was always somebody else's fault with Mel Morris.

As for breaching his fiduciary duty, we all found out in September 2021 who had really breached his fiduciary duties to DCFC didn't we? Now, he can't show his face in public anymore in this county.

[Mckram]

6 hours ago, angieram said:

How could he have sorted out the mess if he'd walked? He can't do both.

He did stick around, he appears to be the one who led the loyal staff team through the administration, and he is now determined to prove himself at the same club. That must take guts.

I meant it as two separate things.

He should have walked a long time ago if Mel wasn’t listening to his advice, but once administration hit then yes the least he could have done is seen it through which he has.

It must take guts yes, but if we weren’t bought and Derby was no more, then what would you think of him?

He would have just said sorry and then walked in to another role elsewhere. I just can’t forgive him for it no matter what he does.

Stephen and Mel knew full well the potential consequences and still did it.

[Crewton]

2 hours ago, Stive Pesley said:

Technically the employment tribunal found him to have been "unfairly dismissed" but that was in respect to his employment rights and the lack of legal due process by the club in sacking him. That was in May 2018 and in the October they settled out of court and put an NDA in place, so we will never know the details. 

However, in the May 2018 statement from SR's solicitor it said 

So the point stands that Pearce was the CFO at the time and signed off on everything that they then claimed was dodgy. He either knew that at the time or he didn't and neither is a good look

 

If Pearce didn't know at the time that there was anything untoward about any payments, or had no reason to suspect that they were, he may have been entirely correct in approving them. It sounds more likely that Morris found out about certain deals and payments and decided that they didn't offer VFM for the club, but that could have been his view alone. Since we don't know what specific payments were the subject of the legal claim, it's possibly unfair to assume that Pearce was at fault in any way.

[rammieib]

2 hours ago, Stive Pesley said:

Technically the employment tribunal found him to have been "unfairly dismissed" but that was in respect to his employment rights and the lack of legal due process by the club in sacking him. That was in May 2018 and in the October they settled out of court and put an NDA in place, so we will never know the details. 

However, in the May 2018 statement from SR's solicitor it said 

So the point stands that Pearce was the CFO at the time and signed off on everything that they then claimed was dodgy. He either knew that at the time or he didn't and neither is a good look

 

I think its always subjective. For instance - different managers in my company are authorised to spend money at different levels - indeed they would also release the invoices in the system. The monthly payment run would be executed by the Finance Director. The FD isn't going to look at each and every £ coin going out the door to each Supplier. I think it's fair to honestly say that if the CEO approves a PO and/or an invoice, then the FD would release the payments.

So if its a similar scenario to this - then both sides of the argument are correct.

Anyway - we will never know.

If David Clowes wants him, then that's enough for me and I'll support that. Similar to LR, I'm not happy he's gone, don't think its a good move but I'll support the new manager and Clowes in his decision.

[RAM1966]

On 26/09/2022 at 14:54, DCFC27 said:

I suspect they want rid of him, but he probably has a massive Payout if we do get rid. He’s not very well thought of within the club. It’s most likely not seen as an essential use of money to get rid of him. 

Thats a big statement to make with no apparent evidence.

On 26/09/2022 at 16:20, Leeds Ram said:

It's his appearances on the radio that make this take quite difficult to take particularly seriously tbh. I think he completely failed in his duty, aided in the misleading of fans as to the real nature of the situation and played a leading part in almost killing this club. But that's just my perspective having no insider knowledge on the situation. 

 

Its obvious Mel was calling the shots and Pearce had 2 options.  Leave a lucrative well paid job, or keep stum.  Morris may have convinced him like he did us, that he would continue to fund the club.

On 26/09/2022 at 16:42, EtoileSportiveDeDerby said:

This. If as a Chief exec he did not know that amortisation, stadium ownership, looming administration, unwinabble court cases etc... was all very dodgy/reckless/borderline - take your pick or the lot - then I and many on this forum are well qualified to do the job too. May be he's just happy to pick up a fair wedge whatever is going on

All fair points, but, a man scared of losing his livelyhood may be tempted to keep quiet, I'm pretty sure he will have been tied to an NDA too...

On 26/09/2022 at 16:44, SaffyRam said:

I remember being at a fans forum when Frank was manager. Sitting there listening to Pearce and Morris assuring us there would be no issues with FFP. A couple of weeks later, we found out that Morris had bought the stadium. Correct me if I’m wrong, but wasn’t Pearce on the board? He therefore must have voted in favour of everything Morris did.

Forgive me for having little sympathy for him.

The stadium sale was the way of staying within FFP, other clubs have done this too.

On 26/09/2022 at 22:12, SaffyRam said:

I’m an accountant and yes, I agree the amortisation was acceptable policy.

And yes, I’m sure they did say there’d be no issue because they knew they’d sold the stadium. Does that make it ok? Absolutely not. Look at all the problems selling the stadium caused. And it was only done because they knew they were going to break FFP.

100% agree, the actions of a reckless gambler.....

23 hours ago, kevinhectoring said:

Q went out of their way to praise him. DC is doing the same. Says a lot
 

I suspect Pearce regretted not pushing back against MM’s wilder ideas. Though if he had pushed back, he’d surely have been out on his ear. 

Im sure he advised against, but was told to shut up.

12 hours ago, Stive Pesley said:

Doesn't it all go back much further than the Administration fiasco?

He was CFO during the Sam Rush era

Sam Rush was then dismissed for alleged breach of fiduciary duty. Which means that either Pearce knew about it while it was happening and was therefore complicit or he didn't know about it and therefore was negligent. The fact he came out of that unscathed has always puzzled me.

Then coming out of the past 12 months - also unscathed, puzzles me even more

But I concede that I'm not ITK, nor do I have any say in these matters, so it is what it is

Fair play to him. 

If I had to guess I'd say that his position and singular knowledge of the club's workings have become so entrenched over they years that Quantuma and Clowes quickly realised that they couldn't get on with their jobs without his help

 

 

He may of alerted Mel to somthing for all we kniw, yet again, it could of all been Mels bullshite, as SR took him to the ckeaners...

Edited September 27, 2022 by RAM1966

[RAM1966]

For what its worth, I have seen CEOs and CFOs in big corporates act in very authoritarion ways, usually one or the other calls the shots and the remainder of the Exec Directors fall into line.  Those that stand out are soon replaced, to be fair, ever seen a Board appointment move on within 12 months of appointment?  It happens!

Regarding Pearce, Im sure he's had a lot of sleepless nights wrestling with his conscious, but, like most of us he has a mortgage to pay.

He may also of weighed up, that he was better sticking around to explain his side of the story to a new owner, rather than disappearing a short time before the Administration announcement, no doubt also gagged with an NDA.  Wouldn't be a great entry on his CV, surving admin and returning the club to the Championship or even better still the Premier League though would be!

As someone who wanted him gone, I think he deserves a second chance if DC is prepared to give him one, after all he knows where all the dead bodies are buried!

Edited September 27, 2022 by RAM1966

[jono]

On 26/09/2022 at 23:08, Tamworthram said:

A bit harsh regarding MSD. What do you think would have happened if it hadn't been for them?

Yes I suppose you’re right. They are after all just a business institution lending money at high rates to failing companies. They did so because they as part of the deal they had security in Pride Park so no risk to them and devil take the hindmost. 
They were so “helpful to the administrators” because they hoped to avoid the time and cost of exercising their claim on PP, but still get their money back, rather than anything altruistic though. 
 

it was an unholy mess wasn’t it. Thank heavens for DC. 

[ariotofmyown]

Thank god the football is back on Saturday. 

[europia]

If the Russians ever decide to drop a bomb on PP during a match, probably a good idea find Pearce and stick close by him. If anyone survives, it's likely to be SP ?

[Abu Derby]

On 26/09/2022 at 14:02, Bald Eagle's Barmy Army said:

For the last 12+ months Stephen Pearce has had to endure a torrence of abuse. 

The one thing that sticks out for me is that he didn't just walk away from the mess MM made. He's stuck around to see the club get back on its feet, he's just got on with doing what needed to be done even though a big proportion of the support was singing his name to be removed from the club and he's now openly said he wants to stay and see the club be successful.

I think it's time we stop any abuse towards him and see him for what he actually is. He seems a good guy with our interests at heart and if we are to become a force again, he wants to be right behind us steering the ship.

MM must have been a nightmare to work with so for him to stay at the club during those years must say a lot about SP and what he thinks of DCFC.

Time we cut him some slack and probably appreciate what he's been through to get the club back to where it is now. 

How’s it going Steve?

[MickD]

On 26/09/2022 at 06:26, Keepyuppy said:

I would think that as SP remains in post, I’m assuming Mr Clewes presumably thinks he’s doing a good job - but what do I know ? 

You don't have a Clewe ☺️

[MickD]

On 26/09/2022 at 11:08, WestLondonRam said:

What looking at it now or looking at it back then? 
 

The point made is that we asked the questions about FFP and we were lied to.. 

if your boss told you to lie you probably would unless it was against your morales. Personally I will wait to see what he does next but there’s a lot of evidence to point to that he didn’t help when he could. He’s Guilty till proven innocent. 
 

Is this our new Spanish centre forward?  Morales

[Bald Eagle's Barmy Army]

16 hours ago, Abu Derby said:

How’s it going Steve?

Yea good thanks, Sheikh.