EBANK Appoints New Chairman | EVE Online

EBANK Appoints New Chairman

2009-08-03 - Por Svarthol

Hek, Metropolis - Ray McCormack has been appointed the new Chairman of the Board at EBANK after his predecessor, Hexxx, stepped down at the end of his six-month tenure.

Former EBANK chairman, Hexxx, announced he would not be standing for another term as chairman, stepping down to pursue a new project involving the securitization of insurance policies. When the vote to appoint his replacement was called, Ray McCormack was the Board of Directors' favoured appointee, with the vote to decide the position closing after only two days with a clear majority in his favour.

Mr. McCormack has created a multi-billion ISK business empire in his career as a pilot. He served in the management of BIG Merchant Bank of Eve, then left to begin his own project, RAYBY. This was a fixed-rate rate bond totalling 71 billion ISK. He stated "That has since closed, but during its time it was thought of as the gold standard of investments."

Most recently, he took over Advanced Astrological Technology Productions [AATP]. This public corporation was founded by Naphtalia, former CEO of the Black Rabbits, and housed the so-called Pirate Queen's stash of tech 2 blueprint originals. She passed the company into the hands of Dark Shikari upon her retreat from public life, and Mr. McCormack succeeded him. AATP was recently valued at over 200 billion ISK.

Mr. McCormack explained that the responsibilities of the Chairman of the Board were very different to those of the CEO. Where EBANK CEO Athre makes decisions concerning EBANK's offerings to the customer, the Chairman's duties have primarily an internal impact.

"[My role involves] strategy planning, for both the long and the short term," he explained. "The Board will vote on any strategy shifts, and I take both their and other advice when forming those plans."

When asked what impact his policies would have on the bank from the customer's perspective, he explained "Change is inevitable, controlling that change will be one of my focuses, ensuring it is measured and accurate in its effects. The Board and CEO will be the prime instigators in that change though. From the outside it will be my position to ensure the lines of communication or kept open and clear. Operational changes will be far more noticeable than any changes I institute." Such operational changes would be instituted by the CEO, EBANK Athre. He continued "The effect I'll have as chair will be mostly internal, however that should slowly filter down and out. That's just the nature of the beast when you're dealing with longterm strategy."

In the wake of former CEO Ricdic's large-scale embezzlement from EBANK, Ray McCormack's appointment is higher-profile than such an internal change might normally be. He said, however, that Ricdic's legacy was more than the shortfall in profits the theft caused, or the public embarrassment the scandal caused the company.

"There's a litany of bad decisions and poor judgement extending right back to the founding of the bank. As an operational executive [Ricdic] left a mess, with little in the line of organisation... I could sum up the effects of his maverick management policies in one word: disastrous."

Ray McCormack highlighted an unsecured loan made by Ricdic as an example. The loan was defaulted on and the losses absored by EBANK's buffer funds. Ray explained "There were several red flags surrounding the circumstances of the loan, yet Ricdic chose to ignore them all... It'll be my role to ensure there are internal systems and procedures in place to ensure that is never allowed to happen again."

Ray McCormack was confirmed in his new position as Chairman of the Board at EBANK on 23.07.111 after working anonymously for the bank towards developing a live balance sheet.

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