Mark Chang's final message to existing and former employees of JobStreet.com, from SSQuah's blog.
Dear colleagues,
It is almost a 20-year start-up journey for us and we are closing the deal and officially handing over the management to Seek management team.
The most important message I want to say to you and all our former staff is "Thank you". Thank you for all your sacrifices, loyalty, hard work and unselfish contributions all these years. Other people can claim but I know you are the ones who have done all the real work. You are the real unsung heroes of our company. With you in my wing, I had confidence to compete with the best in the world and we became the most successful Internet company in this region to date and touch the lives of millions. With you, I have so much joy in my work and with you, I have found meaning in my life. A simple "Thank you" does not sound sufficient but it is through this simple "Thank you" which encompasses all my wholehearted tributes and all my best intentions to each and everyone of you.
At the end of today, I will no longer your CEO but I will be your friend for life. I ask your forgiveness for all the wrongs I have done. It has been a wonderful journey travelling with you. We did not really change the world; instead, the world has changed us.
I learn that real wealth is not money and the money that I earned, I will give most away for good causes. Real wealth is what money cannot buy such as health, good relationship, happiness and peace of mind. May we, the mortal and foolish ones, have the wisdom to pick the right choices.
May you find what you seek.
Mark Chang
Founder/CEO JobStreet.com
Showing posts with label Jobstreet. Show all posts
Showing posts with label Jobstreet. Show all posts
Friday, 21 November 2014
Wednesday, 20 August 2014
Jobstreet, Masterskill, MH17, Madoff, Pension Funds
[1] Jobstreet announced that Seek has increased its offer from RM 1,730 million to RM 1,890 million, an increase of RM 160 million. Good news for the shareholders who held on to their shares. Probably good negotiations by Mark Chang.
[2] Masterskill announced that it sold its shares in Hong Kong listed company Gayety Holdings Ltd. for a total cash consideration of RM 33 million, netting Masterskill a profit of RM 12 million. I didn't believe much in this (in my opinion rather strange) acquisition, so this sale (and the profit) looks good for the company. Finally some good news for the minority shareholders.
[3] I never used to believe much in those typical US conspiracy theories, but these days, I am not so sure anymore. The following article looks interesting enough to share, although I can't guarantee the truthfulness of the contents (reader beware):
MH17 Verdict: Real Evidence Points to US-Kiev Cover-up of Failed False Flag
[4] Interesting article about the Madoff fraud case:
36,000 Madoff Victims Have Not Received a Dime in Restitution; 1,129 Fully Reimbursed
On May 5, 2014, Irving Picard, the court-appointed trustee in charge of finding and distributing Madoff’s swindled funds to investors released this statement in a press release announcing the fourth interim distribution of funds to victims: “…1,129 accounts will be fully satisfied following the fourth interim distribution. All allowed claims totaling $925,000 or less will be fully satisfied after the distribution.”
Just eight days later, Richard Breeden, the Special Master that’s working on behalf of the U.S. Department of Justice to distribute a separate pool of funds to Madoff’s victims reported that more than 36,000 claimants have filed documents with his office indicating that they haven’t yet received a dime of restitution. Yes, 36,000 people from all over the globe.
That’s bad enough but the story goes downhill from there. Almost six years from the date that Bernard Madoff turned himself in as the largest Ponzi fraudster in the history of finance, the U.S. Department of Justice is still scratching its head over just how much money Madoff actually ripped off from investors and puzzling over how to divvy up its inadequate pot of money
......
The only consistent message here is that the U.S. financial regulatory structure is just as bad at delivering fraud restitution as it is at detecting fraud.
[5] And lastly an article by Yves Smith: "How Your Pension Fund Became a Casino".
The original premise of the prudent-man rule was that pension-fund managers needed to operate as if their clients were widows and orphans. Sadly, experience has shown that the managers are often as vulnerable to exploitation as the people on whose behalf they are investing.
[2] Masterskill announced that it sold its shares in Hong Kong listed company Gayety Holdings Ltd. for a total cash consideration of RM 33 million, netting Masterskill a profit of RM 12 million. I didn't believe much in this (in my opinion rather strange) acquisition, so this sale (and the profit) looks good for the company. Finally some good news for the minority shareholders.
[3] I never used to believe much in those typical US conspiracy theories, but these days, I am not so sure anymore. The following article looks interesting enough to share, although I can't guarantee the truthfulness of the contents (reader beware):
MH17 Verdict: Real Evidence Points to US-Kiev Cover-up of Failed False Flag
[4] Interesting article about the Madoff fraud case:
36,000 Madoff Victims Have Not Received a Dime in Restitution; 1,129 Fully Reimbursed
On May 5, 2014, Irving Picard, the court-appointed trustee in charge of finding and distributing Madoff’s swindled funds to investors released this statement in a press release announcing the fourth interim distribution of funds to victims: “…1,129 accounts will be fully satisfied following the fourth interim distribution. All allowed claims totaling $925,000 or less will be fully satisfied after the distribution.”
Just eight days later, Richard Breeden, the Special Master that’s working on behalf of the U.S. Department of Justice to distribute a separate pool of funds to Madoff’s victims reported that more than 36,000 claimants have filed documents with his office indicating that they haven’t yet received a dime of restitution. Yes, 36,000 people from all over the globe.
That’s bad enough but the story goes downhill from there. Almost six years from the date that Bernard Madoff turned himself in as the largest Ponzi fraudster in the history of finance, the U.S. Department of Justice is still scratching its head over just how much money Madoff actually ripped off from investors and puzzling over how to divvy up its inadequate pot of money
......
The only consistent message here is that the U.S. financial regulatory structure is just as bad at delivering fraud restitution as it is at detecting fraud.
[5] And lastly an article by Yves Smith: "How Your Pension Fund Became a Casino".
The original premise of the prudent-man rule was that pension-fund managers needed to operate as if their clients were widows and orphans. Sadly, experience has shown that the managers are often as vulnerable to exploitation as the people on whose behalf they are investing.
Monday, 14 April 2014
Jobstreet: excellent entrepeneurship (2)
I wrote before about M&A deal regarding Jobstreet.
For anyone interested in this matter, I highly recommend reading this posting:
"Last of the ASEAN job portals exit, A New Era Commences"
It is written by Lim Der Shing, CEO and Founder of Singapore based JobsCentral Group, one of JobStreet's competitors. In other words, someone who is very knowledgeable on this subject.
For anyone interested in this matter, I highly recommend reading this posting:
"Last of the ASEAN job portals exit, A New Era Commences"
It is written by Lim Der Shing, CEO and Founder of Singapore based JobsCentral Group, one of JobStreet's competitors. In other words, someone who is very knowledgeable on this subject.
Sunday, 2 March 2014
Jobstreet: excellent entrepeneurship
"Jobstreet's buyout by Seek Ltd was a deal welcomed by all -- and most notably, by shareholders of the Australian company. Following news of the deal, which will see Seek owning 75 percent of the merged JobsDB/JobStreet entity, shares in Seek surged by almost 18 per cent, clearly buoyed by the mushrooming potential of its ownership of two market-leading Asian online businesses.
The Seek buyout is, for Jobstreet, a culmination of many years of prudent growth and costs management. Its founding team deserves their success and this serves as a timely reminder that Malaysia is capable of building a world-class business when it is managed properly."
The above words are from MSWG's weekly newsletter of February 28, 2014. Very nice words with which we can only agree.
In this time of large IPO's, rights issues, private placements, delisting and relisting exercises, it is refreshing to see a entrepreneur growing his company the "old fashioned" way, through shear hard work and determination.
I have never personally met Mark Chang (the founder and CEO of Jobstreet), but I know people who did, and they all seem to agree on him: clever, hard working and very humble.
The deal appears to be squeaky-clean. With LinkedIn being a very real threat, the deal looks (very) sweet for the current shareholders of JobStreet (which must include many of the staff, having received shares through the ESOS scheme).
This deal is also good for the Malaysian tech-scene, which can use some success cases.
For an evaluation of the remaining company (after the buyout of its main business) I refer to Serious Investing's article.
The Seek buyout is, for Jobstreet, a culmination of many years of prudent growth and costs management. Its founding team deserves their success and this serves as a timely reminder that Malaysia is capable of building a world-class business when it is managed properly."
The above words are from MSWG's weekly newsletter of February 28, 2014. Very nice words with which we can only agree.
In this time of large IPO's, rights issues, private placements, delisting and relisting exercises, it is refreshing to see a entrepreneur growing his company the "old fashioned" way, through shear hard work and determination.
I have never personally met Mark Chang (the founder and CEO of Jobstreet), but I know people who did, and they all seem to agree on him: clever, hard working and very humble.
The deal appears to be squeaky-clean. With LinkedIn being a very real threat, the deal looks (very) sweet for the current shareholders of JobStreet (which must include many of the staff, having received shares through the ESOS scheme).
This deal is also good for the Malaysian tech-scene, which can use some success cases.
For an evaluation of the remaining company (after the buyout of its main business) I refer to Serious Investing's article.
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