Tertius Zitzke on 4sight’s journey to recovery

Foresight Holdings, a company recently suspended from the LTCHs due to internal issues, is now under new leadership as CEO Tertius Zitzke takes the helm to steer the company towards recovery. With a history of resignations from key directors and a dramatic drop in share prices, the company is facing a critical period in its journey to get back on track. Zitzke acknowledges the challenges ahead but remains determined to implement a restructuring strategy that focuses on governance, communication, and unlocking synergies within the company. The company, primarily owned by subsidiary owners, had initially embraced the 'Fofuendacil revolution vision' under the previous CEO, believing in delivering value to the market. However, a shift in focus towards being an investment holding company led to a lack of synergy exploitation among affiliates, resulting in a loss of market confidence and shareholder dissatisfaction. Zitzke attributes the company's troubles to a lack of communication, emphasizing the need to tell the 'good stories' to rebuild trust and credibility. One of the first steps taken under his leadership was the appointment of an independent board comprising five members, including Zitzke and the CFO, Eric Van Amarva. With solid governance practices in place, the company aims to address past discrepancies and work towards producing audited statements to regain credibility. Facing scrutiny from the JC, the company is tasked with conducting a full review of its financial results for the past six months to address any concerns and ensure transparency. Zitzke reassures that the issues were not related to misappropriation of funds but rather a realignment of the company's mission and strategy. With 400 employees under his leadership, Zitzke outlines his approach to restructuring, centered around establishing a strong executive team and implementing shared services to streamline operations. By centralizing functions such as finance, HR, and marketing, the company aims to empower its employees to focus on their core functions and deliver results. Despite the challenges ahead, Zitzke remains optimistic about the company's potential for recovery and growth. Through a strategic focus on governance, communication, and operational efficiency, Foresight Holdings aims to navigate through its current challenges and emerge stronger on the other side.