Visy CEO falls on his sword
Friday, October 26, 2007/
Entrepreneur Richard Pratt has forced his chief executive, Harry Debney, to fall on his sword and take full responsibility for the price fixing scandal involving Visy and Amcor.
Debney had been clinging to his position as Visy CEO despite admitting to breaching the Trade Practices Act.
Pratt no doubt had hoped that the admission of guilt to price fixing might clear the air and life could go on as normal. But instead pressure has mounted on Pratt and Visy, mainly from the ACCC which wants to laws changed so that criminal sanctions apply.
Yesterday Debney sent a memo to staff saying the events of the last few weeks and the focus on Pratt had caused him to reconsider his position. He says he was taking personal responsibility for the trade practices breaches.
Meanwhile Pratt remains chairman of Visy – once again hoping it will all just blow over and he can keep his post as boss at the Carlton Football Club where he is being judged as to whether he is a person suitable for a license to operate pokies.