Resigning As Managing Director

[Whitz]

I am hoping someone out there can help me.

I am managing Director of a Falang owened Company, i basically want "Out" as i get so much shi* off shareholders who have not got a clue about the business.

Basically we are holding our AGM next week and i want to quit then.

1. What are the laws regarding me quiting, can i do that being Managing Director?

2. What liabilities will i leave myself.

3. Can i just "Walk Out"

I think you can get the jist of what i am trying to do, i am a 33.3% shareholder and would still want to keep my shares but we have nobody to take over my role or run the business., so i'm confused as to what would happen.

Any help you can give me would be much appreciated or are there any websites with such advice.

Thanks

Whitz

[moebius]

Liability is relative to the details of your contract and the nature of which country's laws your contract falls under.

Talk to a lawyer. Plan and negotiate your departure just as you did your position. Do not discuss particulars with third parties. Also consider all possibilities. It sounds like you're talking yourself into an 'either/or' situation.

...just my two bahts worth

[Maka]

I agree with moebius

You might want to see if he will have a private conversation with you about it. He sounds like he knows what he is talking about.

Take a look at your "employment agreement" or "employment contract", or what ever your company calls that document.

That should spell out your options...... from their perspective.

Good Luck

"Plan your work, work your plan"

[dr_Pat_Pong]

You have had great advice here. Time is short. Get good legal advice and don't forget that the Kingdom has a two day week next week.

[Harmonica]

I am hoping someone out there can help me.

I am managing Director of a Falang owened Company, i basically want "Out" as i get so much shi* off shareholders who have not got a clue about the business.

Basically we are holding our AGM next week and i want to quit then.

1. What are the laws regarding me quiting, can i do that being Managing Director?

2. What liabilities will i leave myself.

3. Can i just "Walk Out"

I think you can get the jist of what i am trying to do, i am a 33.3% shareholder and would still want to keep my shares but we have nobody to take over my role or run the business., so i'm confused as to what would happen.

Any help you can give me would be much appreciated or are there any websites with such advice.

Thanks

Whitz

Don't be such an ######! You are a Managing Director, for crying out loud -- not some 12 year old irresponsible kid who's Mummy slapped him!

Talk it over, find and train a replacement, ensure that the Co. will not suffer excessively due to your change of heart -- then, go in peace with clean lines on all sides!

[Whitz]

Thanks for you comments guy's especially Moebius, Maka, dr Pat Pong and all you who have PM me.

If your name is left off the list then you know why

I am not acting like a child perhaps when you grow up and own an manage your own company you will then understand the pitfalls you come across.

I have not spat my dummy out just laid out more than 4,000,000 baht and had enough of the shi* without reaping the rewards as predicted before i was elected MD.

Whitz

[Vit42]

In general, according to the American Chamber of Commerce:

If an employment contract does not specify any duration, either party can terminate the contract by giving notice at or before any time of payment, to take effect in the next pay period.

http://www.amchamthailand.org/acct/asp/Vie...asp?BusDocID=16

I'm still intrigued as to the details of your dissatisfaction or inability to direct and manage the venture. Is it the "falang" or the thai managers that are the difficulties? What are the major points of dissagreement: strategy, compensation, management duties, ...? 4M baht is a significant investment and before walking away i'd at least bring your grievances to the board. A threat to quit might make them come around but a solid, logical, well-thought-out argument for your suggested improvements would show your professionalism and sincere concern. Manage your managers is how i like to think about my similar situation.

[Whitz]

Thanks for the response Vit42.

Points noted.

Its not a case of inability to direct or Manage the company at all its all the "Extra" crap that comes with it.

So my new word from this evening is "DELEGATE"

Whitz

[paulfr]

If you can get 18% of the other voting shareholders to understand and support your side of the issues, you can do anything you want provided the remaining 49% cannot sell out to just anyone. Then you'll still have uninformed criticism to deal with but just from different people.

Is this a power struggle and the other shareholders want to be MD and run the show their way ? If so, that is a different story.

Edited April 7, 2005 by paulfr