Documents: 04/12/2002 - EMAG Press release - "No confidence" in the Vanni Treves's Equitable regime 4 December '02 - EMAG Press release - "No confidence" in the Vanni Treves's Equitable regime Enough is enough, says EMAG: "It's time for a regime change". Last week EMAG wrote to all non-executive directors of Equitable Life to recommend that they immediately replace Vanni Treves with a full time, experienced company doctor as chairman - before it's too late. The letter began:
Secondly and most unfortunately, Mr. Treves' record since becoming Chairman has destroyed his credibility as leader of the Society." EMAG maintains that the Vanni Treves and Charles Thomson partnership has been disastrous for policyholders, that this management is not in control and it's unravelling before our eyes. The letter goes on to quote what it claims have been five major strategic errors:
Policyholders have watched Equitable Life's sickening slide for two years from ledge to ledge, seemingly down the face of the Eiger. Few dare to believe that the bottom has yet been reached. EMAG argues that Treves simply hasn't had the time to apply to what has increasingly been revealed to be a terrible mess. Treves has three other chairmanships, including the troubled TV Channel 4, plus two dozen other company directorships and as many again committees commitments in the City, arts and charities. Through the last month and three sets of yet more bad news (annuitant cuts, interim accounts and Bellringer) he has been noticeably invisible. Paul Braithwaite, EMAG's spokesperson said:
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